Sittings · Document

Draft report (2025/2182(INI)) 2025-11-11

European Central Bank – annual report 2025

Committee on Economic and Monetary Affairs

Official HTML ↗ PDF DOCX

AM_Com_NonLegReport

Amendment 1

Carla Tavares, Thomas Bajada, Evelyn Regner, Aurore Lalucq

Motion for a resolution

Citation 3

Motion for a resolution

Amendment

– having regard to Articles 119, 123(1), 125, 127(1) and (2), 130, 282(2) and 284(3) of the Treaty on the Functioning of the European Union (TFEU),

– having regard to Articles 119, 121, 123(1), 125, 127(1) and (2), 130, 282(2) and 284(3) of the Treaty on the Functioning of the European Union (TFEU),

Or. en

Amendment 2

Bas Eickhout

on behalf of the Verts/ALE Group

Motion for a resolution

Citation 8 a (new)

Motion for a resolution

Amendment

– having regard to the ECB Occasional series paper n°376 “Capital requirements: a pillar or a burden for bank competitiveness?” of 9 October 2025,

Or. en

Amendment 3

Bas Eickhout

on behalf of the Verts/ALE Group

Motion for a resolution

Citation 9 a (new)

Motion for a resolution

Amendment

– having regard to the Financial Stability Review of May 2025,

Or. en

Amendment 4

Bas Eickhout

on behalf of the Verts/ALE Group

Motion for a resolution

Citation 9 b (new)

Motion for a resolution

Amendment

– having regard to the Governing Council decision of 30 October 2025 to move to the next phase of the digital euro project,

Or. en

Amendment 5

Bas Eickhout

on behalf of the Verts/ALE Group

Motion for a resolution

Citation 9 c (new)

Motion for a resolution

Amendment

– having regard to the third progress report on the preparation phase of a digital euro of 16 July 2025,

Or. en

Amendment 6

Bas Eickhout

on behalf of the Verts/ALE Group

Motion for a resolution

Citation 9 d (new)

Motion for a resolution

Amendment

– having regard to the “Progress on the preparation phase of a digital euro - closing report” of 30 October 2025,

Or. en

Amendment 7

Bas Eickhout

on behalf of the Verts/ALE Group

Motion for a resolution

Citation 9 e (new)

Motion for a resolution

Amendment

– having regard to the European Parliament resolution of 14 March 2019 on gender balance in EU economic and monetary affairs nominations (2019/2614(RSP)),

Or. en

Amendment 8

Bas Eickhout

on behalf of the Verts/ALE Group

Motion for a resolution

Citation 9 f (new)

Motion for a resolution

Amendment

– having regard to the Paris Agreement adopted under the UN Framework Convention on Climate Change,

Or. en

Amendment 9

Bas Eickhout

on behalf of the Verts/ALE Group

Motion for a resolution

Citation 9 g (new)

Motion for a resolution

Amendment

– having regard to the IMF working paper “Navigating the 2022 Inflation Surge”, October 2025, Patrick A. Imam, Tigran Poghosyan,

Or. en

Amendment 10

Bas Eickhout

on behalf of the Verts/ALE Group

Motion for a resolution

Citation 9 h (new)

Motion for a resolution

Amendment

– having regard to the Regulation (EU) 2021/1119 “European Climate law”,

Or. en

Amendment 11

Rada Laykova

Motion for a resolution

Citation 11 a (new)

Motion for a resolution

Amendment

– having regard to the annual HCIP inflation data in the eurozone and annual economic growth data for the eurozone (GDP totals, including addition of new countries to the eurozone) provided by Eurostat,

Or. en

Amendment 12

Carla Tavares, Thomas Bajada, Evelyn Regner, Aurore Lalucq

Motion for a resolution

Citation 11 a (new)

Motion for a resolution

Amendment

– having regard to the ECB´s 2025 report on Macroeconomic impacts of higher defence spending: a model-based assessment,

Or. en

Amendment 13

Jussi Saramo

on behalf of The Left Group

Motion for a resolution

Citation 11 a (new)

Motion for a resolution

Amendment

– having regard to the Paris Agreement adopted under the UN Framework Convention on Climate Change,

Or. en

Amendment 14

Carla Tavares, Thomas Bajada, Evelyn Regner, Aurore Lalucq

Motion for a resolution

Citation 11 b (new)

Motion for a resolution

Amendment

– having regard to the ECB´s 2021 report the mandate of the ECB: Legal considerations in the ECB’s monetary policy strategy review,

Or. en

Amendment 15

Rada Laykova

Motion for a resolution

Citation 11 b (new)

Motion for a resolution

Amendment

– having regard to the M3 money aggregates provided by the ECB between 2002 and 2025,

Or. en

Amendment 16

Carla Tavares, Thomas Bajada, Evelyn Regner, Aurore Lalucq

Motion for a resolution

Citation 11 c (new)

Motion for a resolution

Amendment

– having regard to the ESRB´s Report on stablecoins, crypto-investment products and multi-function group,

Or. en

Amendment 17

Rada Laykova

Motion for a resolution

Citation 11 c (new)

Motion for a resolution

Amendment

– having regard to ECON´s monetary dialogue with the ECB president of 4 December 2024,

Or. en

Amendment 18

Carla Tavares, Thomas Bajada, Evelyn Regner, Aurore Lalucq

Motion for a resolution

Citation 11 d (new)

Motion for a resolution

Amendment

– having regard IMF´s 2024 World Economic Outlook, Global Financial Stability Report and Fiscal Monitor,

Or. en

Amendment 19

Carla Tavares, Thomas Bajada, Evelyn Regner, Aurore Lalucq

Motion for a resolution

Citation 11 e (new)

Motion for a resolution

Amendment

– having regard the European Pillar of Social Rights,

Or. en

Amendment 20

Fernando Navarrete Rojas

Motion for a resolution

Recital A

Motion for a resolution

Amendment

A. whereas, according to Eurostat, EU annual inflation stood at 2.4 % in August 2025 and euro area inflation at 2.2 % in September 2025, as measured by the harmonised index of consumer prices (HICP);

A. whereas, according to Eurostat, EU annual inflation stood at 2.6 % in September 2025 and euro area inflation at 2.2 % in September 2025, as measured by the harmonised index of consumer prices (HICP);

Or. en

Amendment 21

Fernando Navarrete Rojas

Motion for a resolution

Recital B

Motion for a resolution

Amendment

B. whereas the ECB’s inflation target has shifted over time from a reference value of ‘below 2%’ to an objective of ‘below, but close to 2%’, to a symmetric target of ‘around 2%’;

B. whereas the ECB’s inflation target has shifted over time from a reference value of ‘below 2%’ to an objective of ‘below, but close to 2%’, to a symmetric target of 2% over the medium term;

Or. en

Amendment 22

Carla Tavares, Thomas Bajada, Evelyn Regner, Aurore Lalucq

Motion for a resolution

Recital B

Motion for a resolution

Amendment

B. whereas the ECB’s inflation target has shifted over time from a reference value of ‘below 2%’ to an objective of ‘below, but close to 2%’, to a symmetric target of ‘around 2%’;

B. whereas the ECB’s inflation target has shifted over time from a reference value of ‘below 2%’ to an objective of ‘below, but close to 2%’, to a symmetric target of 2%;

Or. en

Amendment 23

Rada Laykova

Motion for a resolution

Recital B a (new)

Motion for a resolution

Amendment

B a. whereas a comparison between the compounded annual data provided by Eurostat using longer time series and the net changes calculated specifically between the respective start and end points provided from via a variety of sources hint at a significant and systematic underestimation of the annual inflation (HCIP, eurozone) reported by Eurostat and a smaller systematic overestimation of annual economic growth, while such probes in annual time series data are statistically necessary in order to identify potential systematic bias or errors, otherwise invisible in shorter time frames;

Or. en

Amendment 24

Thomas Bajada

Motion for a resolution

Recital B a (new)

Motion for a resolution

Amendment

B a. whereas food inflation in the EU persists with a negative impact on the wellbeing of EU citizens; whereas to put a meal on the table, consumers pay roughly a third more than before the COVID pandemic; whereas the consumption of food is a necessity and accounts for a large share of the Harmonised Index of Consumer Prices (HICP) consumption basket;

Or. en

Amendment 25

Rada Laykova

Motion for a resolution

Recital B b (new)

Motion for a resolution

Amendment

B b. whereas the official annual data between 2002 and 2024 from Eurostat, using a variety of statistical and definitory artifices, produces a compounded inflation (HCIP, eurozone) of only slightly above 60%, i.e. the harmonised price level according to Eurostat rose only about 60% since 2002; whereas numerous influential economic actors, including states, would benefit from an underestimation of inflation, but not the general population;

Or. en

Amendment 26

Rada Laykova

Motion for a resolution

Recital B c (new)

Motion for a resolution

Amendment

B c. whereas the M3 money supply in the eurozone increased about three times since 2002, while the strong increase in the past decade was predominantly fuelled by the zero-interest policies, the asset purchasing programs of the ECB especially during COVID; whereas economic growth, including the addition of new countries into the eurozone strongly lags behind this three-fold increase; whereas the neutrality of (fiat) money is a mid- and long-term economic fact;

Or. en

Amendment 27

Rada Laykova

Motion for a resolution

Recital B d (new)

Motion for a resolution

Amendment

B d. whereas the ECB´s president stated in the monetary dialogue with the EP that the sole and centralized source of the ECB for the vital macroeconomic data essential to govern ECB´s monetary policy, especially regarding inflation data, is Eurostat, which is a commission subordinate;

Or. en

Amendment 28

Rada Laykova

Motion for a resolution

Recital B e (new)

Motion for a resolution

Amendment

B e. whereas according to the ECB´s president, the ECB does not do systematic intrinsic monitoring of inflation data and price stability to have intrinsic means to check the success in achieving its own primary goal, but at the same time uses macroeconomic forecast models, which showed repeatedly excessive optimism for expansionary monetary policy;

Or. en

Amendment 29

Fernando Navarrete Rojas

Motion for a resolution

Recital C

Motion for a resolution

Amendment

C. whereas the marginal lending facility and deposit facility rate have formed a tight corridor around the interest rate on the main refinancing operations;

C. whereas the deposit facility rate has become the relevant monetary policy rate in conditions of ample liquidity;

Or. en

Amendment 30

Bas Eickhout

on behalf of the Verts/ALE Group

Motion for a resolution

Recital D

Motion for a resolution

Amendment

D. whereas the ECB’s boundaries in purchasing government debt have been widening steadily, from the Securities Market Programme (SMP) to Outright Monetary Transactions (OMTs), the Public Sector Purchase Programme (PSPP), the Pandemic Emergency Purchase Programme (PEPP) and the Transmission Protection Instrument (TPI)1 ;

deleted

_________________

1 Cochrane, J.H. et al., ‘Crisis Cycle: Challenges, Evolution, and Future of the Euro’, Princeton University Press, 2025.

Or. en

Amendment 31

Carla Tavares, Thomas Bajada, Evelyn Regner, Aurore Lalucq

Motion for a resolution

Recital D

Motion for a resolution

Amendment

D. whereas the ECB’s toolbox in purchasing government debt has included the Securities Market Programme (SMP) , the Outright Monetary Transactions (OMTs), the Public Sector Purchase Programme (PSPP), the Pandemic Emergency Purchase Programme (PEPP) and the Transmission Protection Instrument (TPI)1; 1 Cochrane, J.H. et al., ‘Crisis Cycle: Challenges, Evolution, and Future of the Euro’, Princeton University Press, 2025.

_________________

1 Cochrane, J.H. et al., ‘Crisis Cycle: Challenges, Evolution, and Future of the Euro’, Princeton University Press, 2025.

Or. en

Amendment 32

Fernando Navarrete Rojas

Motion for a resolution

Recital D

Motion for a resolution

Amendment

D. Whereas the ECB's consideration of purchasing government debt as part of its toolkit has been widening, from the Securities Market Programme (SMP) to Outright Monetary Transactions (OMTs), the Public Sector Purchase Programme (PSPP), the Pandemic Emergency Purchase Programme (PEPP) and the Transmission Protection Instrument (TPI)1 ;

_________________

1 Cochrane, J.H. et al., ‘Crisis Cycle: Challenges, Evolution, and Future of the Euro’, Princeton University Press, 2025.

Or. en

Amendment 33

Isabel Benjumea Benjumea

Motion for a resolution

Recital D a (new)

Motion for a resolution

Amendment

Da. whereas the ECB's decisions should be based on economic and financial indicators and projections developed and studied by the institution in order to ensure its decisions are backed by robust solvency;

Or. es

Amendment 34

Fernando Navarrete Rojas

Motion for a resolution

Recital E

Motion for a resolution

Amendment

E. whereas reinvestments under the asset purchase programme (APP) were discontinued as of July 2023, and in the case of the PEPP as of December 2024;

E. whereas reinvestments under the asset purchase programme (APP) were discontinued as of July 2023, and in the case of the PEPP as of December 2024; thus settling a path for a reduction of the ECB's balance sheet size;

Or. en

Amendment 35

Carla Tavares, Thomas Bajada, Evelyn Regner, Aurore Lalucq

Motion for a resolution

Recital F

Motion for a resolution

Amendment

F. whereas Article 123 TFEU and Article 21 of the Statute of the ESCB and of the ECB prohibit the direct monetary financing of governments;

F. whereas Article 123 TFEU and Article 21 of the Statute of the ESCB and of the ECB prohibit the direct monetary financing of governments; notes that indirect financing through secondary market operations is legally possible, but strictly regulated;

Or. en

Amendment 36

Bas Eickhout

on behalf of the Verts/ALE Group

Motion for a resolution

Recital F

Motion for a resolution

Amendment

F. whereas Article 123 TFEU and Article 21 of the Statute of the ESCB and of the ECB prohibit the direct monetary financing of governments;

F. whereas Article 123 TFEU and Article 21 of the Statute of the ESCB and of the ECB prohibit the ECB from directly purchasing debt instruments from governments;

Or. en

Amendment 37

Rada Laykova

Motion for a resolution

Recital F a (new)

Motion for a resolution

Amendment

F a. whereas the convergence criteria are mathematical rules, not political, designed to prevent instability in the Eurozone, support price stability and act as a protector of purchasing power and wealth of the people; whereas the 3% budget deficit rule is the mathematical upper limit of sustained deficit to at least ensure the mere mathematical possibility of repayment of debt (no-Ponzi game condition) without resorting to stronger inflation, while this calculated limit was based on the substantially stronger economic growth levels of the 1990s; whereas the breaking of the deficit criterium for various political reasons has become normal and now even institutionalized in the EU, while financial markets will only consider mathematics, not political reasoning for their price and interest evaluation of sovereign bonds;

Or. en

Amendment 38

Bas Eickhout

on behalf of the Verts/ALE Group

Motion for a resolution

Recital F a (new)

Motion for a resolution

Amendment

F a. whereas bank reserves held by credit institutions at the ECB amounted to circa EUR 2,7 trillion in October 2025;

Or. en

Amendment 39

Rada Laykova

Motion for a resolution

Recital F b (new)

Motion for a resolution

Amendment

F b. whereas central banks around the world strongly increased their gold purchases in the recent years, suggesting an increasing distrust towards their own fiat money product or towards the main western reserve currencies Dollar and Euro; whereas the price of gold has about doubled in the past five years;

Or. en

Amendment 40

Bas Eickhout

on behalf of the Verts/ALE Group

Motion for a resolution

Recital F b (new)

Motion for a resolution

Amendment

F b. whereas in July 2021, the Bank of Japan launched a fund provisioning measure which offers zero-interest loans for a maturity of one year to banks that are investing in green projects;

Or. en

Amendment 41

Bas Eickhout

on behalf of the Verts/ALE Group

Motion for a resolution

Recital F c (new)

Motion for a resolution

Amendment

F c. whereas in August 2024, the People’s Bank of China prolonged its Carbon Emission Reduction Facility (CERF) enabling banks to borrow at a preferential rate of 1.75% for an amount corresponding to 60% of their volume of loans issued to support to the low-carbon transition until at least 2027;

Or. en

Amendment 42

Rada Laykova

Motion for a resolution

Recital F c (new)

Motion for a resolution

Amendment

F c. whereas an increasing amount of countries in the world switch to currencies alternative to the Dollar or Euro to settle their trade, which decreases the international demand for said currencies; whereas an increasing amount of international transactions no longer use SWIFT;

Or. en

Amendment 43

Rada Laykova

Motion for a resolution

Recital F d (new)

Motion for a resolution

Amendment

F d. whereas the last ECB annual report critizised the strong inflation of the past years, yet managed to avoid mentioning monetary inflation, i.e. the excessive increase of money supply compared to the economic growth in goods and services during the past decade, at least once as a predominant reason for the inflation surge, despite undisputable economic, mathematic and historic evidence for this causality;

Or. en

Amendment 44

Rada Laykova

Motion for a resolution

Recital F e (new)

Motion for a resolution

Amendment

F e. whereas in our monetary system there is a general connection between property prices and excessive growth in the money supply, as property serves as a versatile form of investment for large financial players, since it is suitable collateral for further borrowing;

Or. en

Amendment 45

Rada Laykova

Motion for a resolution

Recital F f (new)

Motion for a resolution

Amendment

F f. whereas the escalating debt situation of the USA and the reduction of trade settled in Dollars as well as the reduction of US securities held by several states, led to a situation where the USA can no longer export its debt via the Dollar easily without undermining the international value of the Dollar and this has led the USA increasingly to look for opportunities to create more and artificial demand for the Dollar as well as US securities;

Or. en

Amendment 46

Rada Laykova

Motion for a resolution

Recital F g (new)

Motion for a resolution

Amendment

F g. whereas the average debt-to-GDP ratio in the eurozone is substantially above the 60% as defined by the Convergence criteria and the deficit spending of several member states, also due to the national escape clause, is equally in serious violation to the 3% deficit rule, which will foreseeably affect member states´ sovereign bond interest rates;

Or. en

Amendment 47

Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 1

Motion for a resolution

Amendment

1. Recalls that Article 127 TFEU states that ‘the primary objective of the European System of Central Banks (ESCB) shall be to maintain price stability. Without prejudice to the objective of price stability, the ESCB shall support the general economic policies in the Union with a view to contributing to the achievement of the objectives of the Union as laid down in Article 3 of the Treaty on European Union. The ESCB shall act in accordance with the principle of an open market economy with free competition, favouring an efficient allocation of resources, and in compliance with the principles set out in Article 119.’;

Or. es

Amendment 48

Sirpa Pietikäinen

Motion for a resolution

Paragraph 1

Motion for a resolution

Amendment

1. Recalls that Article 127 TFEU states that ‘the primary objective of the European System of Central Banks (ESCB) shall be to maintain price stability. Without prejudice to the objective of price stability, the ESCB shall support the general economic policies in the Union with a view to contributing to the achievement of the objectives of the Union as laid down in Article 3 of the Treaty on European Union as well as to better answer the acute and upcoming challenges. The ESCB shall act in accordance with the principle of an open market economy with free competition, favouring an efficient allocation of resources, and in compliance with the principles set out in Article 119.’;

Or. en

Amendment 49

Carla Tavares, Thomas Bajada, Evelyn Regner, Jonás Fernández, César Luena, Aurore Lalucq

Motion for a resolution

Paragraph 1 a (new)

Motion for a resolution

Amendment

1 a. Recalls that monetary and fiscal policies are complementary tools that must be closely coordinated, especially during systemic crises, to effectively support price stability and economic growth. Notes that credible, medium-term-oriented fiscal policies improve monetary transmission and reduce the risk of fiscal dominance; Ultimately, monetary and fiscal policies are complements, not substitutes;

Or. en

Amendment 50

Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 2

Motion for a resolution

Amendment

2. Underlines that the statutory independence of the ECB, as laid down in the Treaties, is a prerequisite for it to fulfil its mandate of maintaining price stability;

2. Underlines that the statutory independence of the ECB, as laid down in the Treaties, is a prerequisite for it to fulfil its mandate of maintaining price stability; points out that that objective must be achieved without any political interference, ensuring full respect for the ECB's institutional and functional autonomy, without prejudice to its requirement for accountability under the Treaties;

Or. es

Amendment 51

Rada Laykova

Motion for a resolution

Paragraph 2

Motion for a resolution

Amendment

2. Underlines that the statutory independence of the ECB, as laid down in the Treaties, is a prerequisite for it to fulfil its mandate of maintaining price stability;

2. Underlines that the statutory independence of the ECB, as laid down in the Treaties, is a prerequisite for it to fulfil its mandate of maintaining price stability; criticises the fact that the ECB relies exclusively on a subordinate of the Commission to obtain various essential data for its monetary policy, as this raises some doubts regarding practical independence;

Or. en

Amendment 52

Carla Tavares, Thomas Bajada, Evelyn Regner, Jonás Fernández, César Luena, Aurore Lalucq

Motion for a resolution

Paragraph 2

Motion for a resolution

Amendment

2. Underlines that the statutory independence of the ECB, as laid down in the Treaties, is a prerequisite for it to fulfil its mandate of maintaining price stability;

2. Underlines that the statutory independence of the ECB, as laid down in the Treaties, is a prerequisite for it to fulfil its legally binding mandates of maintaining price stability and support the general economic policies in the Union;

Or. en

Amendment 53

Bas Eickhout

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 2

Motion for a resolution

Amendment

2. Underlines that the statutory independence of the ECB, as laid down in the Treaties, is a prerequisite for it to fulfil its mandate of maintaining price stability;

2. Underlines that the statutory independence of the ECB is laid down in the Treaties;

Or. en

Amendment 54

Bas Eickhout

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 3

Motion for a resolution

Amendment

3. Highlights that the ECB is accountable to Parliament; stresses that the ECB must take decisions to fulfil its mandate without political interference;

3. Highlights that the ECB is accountable to Parliament; welcomes in this regard the European Parliament decision of 1 June 2023 on the arrangements in the form of an exchange of letters between the European Parliament and the ECB on structuring the practices for interaction in the area of central banking; calls on the ECB and national central banks to further engage with national parliaments; stresses that the ECB must take decisions to fulfil its mandate without political interference and free from any conflict of interest with commercial banks;

Or. en

Amendment 55

Carla Tavares, Thomas Bajada, Evelyn Regner, Jonás Fernández, César Luena, Aurore Lalucq

Motion for a resolution

Paragraph 3

Motion for a resolution

Amendment

3. Highlights that the ECB is accountable to Parliament; stresses that the ECB must take decisions to fulfil its mandate without political interference;

3. Highlights that the ECB is accountable to Parliament; stresses that the ECB must take decisions to fulfil its mandate without political interference; Highlights that central bank independence should be accompanied by a corresponding level of accountability. Notes that central banks should be autonomous but not isolated;

Or. en

Amendment 56

Rada Laykova

Motion for a resolution

Paragraph 3

Motion for a resolution

Amendment

3. Highlights that the ECB is accountable to Parliament; stresses that the ECB must take decisions to fulfil its mandate without political interference;

3. Highlights that the ECB is accountable to Parliament, as a lack of price stability is primarily to the detriment of the people of the eurozone; stresses that the ECB must take decisions to fulfil its mandate without political interference;

Or. en

Amendment 57

Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 3

Motion for a resolution

Amendment

3. Highlights that the ECB is accountable to Parliament; stresses that the ECB must take decisions to fulfil its mandate without political interference;

3. Highlights that the ECB is accountable to Parliament; stresses that the ECB must take decisions entirely independently to fulfil its mandate of maintaining price stability without political interference;

Or. es

Amendment 58

Auke Zijlstra

Motion for a resolution

Paragraph 3

Motion for a resolution

Amendment

3. Highlights that the ECB is accountable to Parliament; stresses that the ECB must take decisions to fulfil its mandate without political interference;

3. Highlights that the ECB is accountable to Parliament; stresses that the ECB must take decisions to fulfil its mandate without political interference and without interfering in politics;

Or. en

Amendment 59

Rada Laykova

Motion for a resolution

Paragraph 4

Motion for a resolution

Amendment

4. Notes the importance of transparency for accountability; invites the ECB to make efforts to enhance instruments that improve transparency, such as benchmarks, insights in its model-based assumptions and the Governing Council’s assessments of inflation developments; calls for the continuous publication of detailed documentation on the creation, calibration and modification of its economic forecasting models, as these are indirectly of great public impact and interest and showed repeated deficiencies as well as excessive optimism for the support of expansionary monetary policy;

Or. en

Amendment 60

Gerben-Jan Gerbrandy

Motion for a resolution

Paragraph 4

Motion for a resolution

Amendment

4. Notes the importance of transparency for accountability; invites the ECB to make efforts to enhance instruments that improve transparency, such as benchmarks, insights in its model-based assumptions and the Governing Council’s assessments of inflation developments; invites the ECB to reinclude a chapter in its annual report dedicated to how the ECB has interpreted and implemented its secondary objectives;

Or. en

Amendment 61

Carla Tavares, Thomas Bajada, Evelyn Regner, Jonás Fernández, César Luena, Aurore Lalucq

Motion for a resolution

Paragraph 4

Motion for a resolution

Amendment

4. Notes the importance of transparency for accountability and that strong institutional design and accountability mechanisms are necessary; invites the ECB to make efforts to enhance instruments that improve transparency, such as benchmarks, insights in its model-based assumptions and the Governing Council’s assessments of inflation developments;

Or. en

Amendment 62

Carla Tavares, Thomas Bajada, Evelyn Regner, Jonás Fernández, César Luena, Aurore Lalucq

Motion for a resolution

Paragraph 4 a (new)

Motion for a resolution

Amendment

4 a. Welcomes the enhanced institutional cooperation between the ECB and the European Parliament ( Interinstitutional Agreement (IIA) for supervisory activities and exchange of letters regarding central banking area ), as well as the shared commitment to further strengthen accountability and transparency. Calls for continued discussions in ECON Committee on expanding thematic hearings, improving public access to ECB responses, and exploring additional forms of institutional cooperation. Notes that the ECB and the European Parliament have expanded thematic hearings, including those focused on the digital euro project;

Or. en

Amendment 63

Vlad Vasile-Voiculescu

Motion for a resolution

Paragraph 4 a (new)

Motion for a resolution

Amendment

4 a. Calls on the ECB to enhance the analytical transparency of its monetary policy by publishing regular assessments of how its decisions contribute to the Union’s broader objectives under Article 3 TEU, including sustainable growth, cohesion, and balanced economic development; invites the ECB to communicate more systematically on how its instruments interact with fiscal and structural policies across Member States;

Or. en

Amendment 64

Sirpa Pietikäinen

Motion for a resolution

Paragraph 5

Motion for a resolution

Amendment

5. Emphasises that political independence requires that the ECB refrain from taking political actions;

deleted

Or. en

Amendment 65

Carla Tavares, Thomas Bajada, Evelyn Regner, Aurore Lalucq, Lara Wolters

Motion for a resolution

Paragraph 5

Motion for a resolution

Amendment

5. Emphasises that political independence requires that the ECB refrain from taking political actions;

deleted

Or. en

Amendment 66

Rada Laykova

Motion for a resolution

Paragraph 5

Motion for a resolution

Amendment

5. Emphasises that political independence requires that the ECB refrain from taking political actions;

5. Emphasises that political independence requires that the ECB refrain from taking political actions; reiterates that the economic rationale behind Article 123 TFEU and Article 21 of the Statute of the ESCB and of the ECB is to prohibit the central bank from being used, directly or indirectly, to finance excessive government spending by Member States on the basis of political objectives; calls on the ECB to inform Parliament whether there already have been discussions within the board of the ECB to renew a future asset purchase programme in order to counteract possible increases in interest rates of sovereign bonds caused by the current excessive spending of several Member States and the national escape clause;

Or. en

Amendment 67

Vlad Vasile-Voiculescu

Motion for a resolution

Paragraph 5

Motion for a resolution

Amendment

5. Emphasises that political independence requires that the ECB refrain from taking political actions;

5. Emphasises that the European Central Bank’s independence, as enshrined in Article 130 TFEU, must be strictly respected and applied in all circumstances, ensuring that neither Union institutions nor national governments seek to influence its decision-making ; at the same time, stresses that the ECB should remain responsive to the evolving economic, environmental and social context of the Union; calls for stronger dialogue between the ECB and Parliament to ensure that monetary decisions are consistent with the Union’s long-term competitiveness and resilience objectives;

Or. en

Amendment 68

Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 5

Motion for a resolution

Amendment

5. Emphasises that political independence requires that the ECB refrain from taking political actions;

5. Emphasises that political independence requires that the ECB refrain from taking decisions motivated by political considerations, ensuring that its actions are based solely on technical and economic criteria;

Or. es

Amendment 69

Anouk Van Brug, Engin Eroglu, Ľudovít Ódor

Motion for a resolution

Paragraph 5

Motion for a resolution

Amendment

5. Emphasises that political independence requires that the ECB refrain from taking political actions;

5. Emphasises the importance of the ECB's political independence as a cornerstone of monetary policy; stresses that independence requires that the ECB refrain from taking political actions;

Or. en

Amendment 70

Jussi Saramo

on behalf of The Left Group

Motion for a resolution

Paragraph 5

Motion for a resolution

Amendment

5. Emphasises that political independence requires that the ECB refrain from taking political actions;

5. Emphasises that the ECB’s independence is to be interpreted in accordance with Article 130 of the Treaty on the Functioning of the European Union (TFEU);

Or. en

Amendment 71

Dirk Gotink

Motion for a resolution

Paragraph 5

Motion for a resolution

Amendment

5. Emphasises that political independence requires that the ECB refrain from taking political actions;

5. Emphasises that political independence requires that the ECB refrain from taking politically motivated actions;

Or. en

Amendment 72

Bas Eickhout

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 5

Motion for a resolution

Amendment

5. Emphasises that political independence requires that the ECB refrain from taking political actions;

5. Emphasises that the political independence of the ECB is enshrined in Article 130 TFEU;

Or. en

Amendment 73

Bas Eickhout

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 5 a (new)

Motion for a resolution

Amendment

5 a. Welcomes the ECB’s acknowledgment that its secondary objectives are a “duty, not an option”; calls for greater transparency in how the ECB integrates its secondary objectives into its policy decisions; invites the ECB to address a specific chapter in its annual report outlining how it has identified economic policies in the EU as relevant or not for its secondary objectives; further acknowledges the ECB’s legal analysis of the ECB’s primary and secondary mandate and the relevance of Article 121 TFEU in this context;

Or. en

Amendment 74

Jonás Fernández

Motion for a resolution

Paragraph 5 a (new)

Motion for a resolution

Amendment

5 a. Requests that the ECB refrain from using social media, whether through its institutional accounts or the personal accounts of Executive Board members managed by the ECB, to post content unrelated to the ECB’s mandate as established in the Treaty, given the risks such activity poses to the perception of the ECB’s independence as a result of an excess of comments unrelated to its primary and secondary objectives;

Or. en

Amendment 75

Irene Tinagli, Jonás Fernández

Motion for a resolution

Paragraph 5 a (new)

Motion for a resolution

Amendment

5 a. Notes that the ECB’s 2025 strategy review reaffirmed the centrality of communication and transparency as key instruments of monetary policy; encourages the ECB to further enhance its interaction with the public through accessible and inclusive communication formats, while maintaining clarity and consistency in its messages to financial markets and citizens alike;

Or. en

Amendment 76

Rada Laykova

Motion for a resolution

Paragraph 5 a (new)

Motion for a resolution

Amendment

5 a. Strongly recommends decentralisation of its sources of macroeconomic input data, as well as the creation and use of intrinsic means for the continuous monitoring of potential systematic problems with such data, since it is so crucial for the formulation of its monetary policy and the monitoring of its primary objective;

Or. en

Amendment 77

Carla Tavares, Thomas Bajada, Evelyn Regner, Jonás Fernández, César Luena, Aurore Lalucq, Lara Wolters

Motion for a resolution

Paragraph 5 a (new)

Motion for a resolution

Amendment

5 a. Welcomes the ECB’s acknowledgment that its secondary objectives are a “duty, not an option”1a ; Calls for greater transparency in how the ECB integrates its secondary objectives into its policy decisions, including through a dedicated section in its annual report;

_________________

1a Frank Elderson, Member of the Executive Board of the ECB ( opinion piece Le Monde/FAZ ) 13 February 2021

Or. en

Amendment 78

Auke Zijlstra

Motion for a resolution

Paragraph 5 a (new)

Motion for a resolution

Amendment

5 a. Calls on the ECB to increase transparency particularly regarding its increasingly interventionist monetary policies, which risk undermining market signals, creating distortions, and contributing to the misallocation of resources;

Or. en

Amendment 79

Rada Laykova

Motion for a resolution

Paragraph 5 b (new)

Motion for a resolution

Amendment

5 b. Points out the statistical possibility and necessity, after more than two decades, of reviewing Eurostat's key annual macroeconomic data by comparing the compounded annual macroeconomic growth and inflation data from a long time series with respective data of defined start and end points from various other sources in order to identify problems, systematic distortions or errors; stresses that errors or bias in annual data are difficult to detect, but if a consistent or systematic bias or errors exist, this would become apparent over such longer periods; calls on the ECB to carry out such statistical investigations and checks to ensure that it is steering the eurozone with an unbiased compass;

Or. en

Amendment 80

Carla Tavares, Thomas Bajada, Evelyn Regner, Aurore Lalucq

Motion for a resolution

Paragraph 5 b (new)

Motion for a resolution

Amendment

5 b. Calls for the Annual Report to include an assessment of how current interest rate levels affect the efficiency and outcomes of strategic EU priorities and investments. Emphasizes the importance of evaluating the interaction between monetary conditions and the performance of these key initiatives to ensure effective policy coordination;

Or. en

Amendment 81

Rada Laykova

Motion for a resolution

Paragraph 5 c (new)

Motion for a resolution

Amendment

5 c. Emphasises that the subpar performance of ECB´s macroeconomic forecast models, especially their price stability and economic growth optimism, might also be related to the use of systematically skewed macroeconomic data of the past, as these models are generally calibrated using past data;

Or. en

Amendment 82

Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 6

Motion for a resolution

Amendment

6. Highlights the ECB’s primary objective of maintaining price stability, which is a precondition for growth and economic stability;

6. Highlights the ECB’s primary objective of maintaining price stability, which is a precondition for the ECB to deliver on its mandate to support the EU’s general economic policies, such as growth, economic stability, respect for the market economy and free competition, aiming at full employment, economic, social and territorial cohesion, coordination of monetary policy, and proper functioning of public finances;

Or. es

Amendment 83

Rada Laykova

Motion for a resolution

Paragraph 6

Motion for a resolution

Amendment

6. Highlights the ECB’s primary objective of maintaining price stability, which is a precondition for growth and economic stability;

6. Reiterates that ECB’s only primary objective is maintaining price stability, which is a precondition for growth, economic stability as well as the protection of the people´s wealth and purchasing power in order to counter the cost-of-living crisis;

Or. en

Amendment 84

Irene Tinagli

Motion for a resolution

Paragraph 6

Motion for a resolution

Amendment

6. Highlights the ECB’s primary objective of maintaining price stability, which is a precondition for growth and economic stability;

6. Notes the ECB’s primary objective of maintaining price stability;

Or. en

Amendment 85

Bas Eickhout

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 6

Motion for a resolution

Amendment

6. Highlights the ECB’s primary objective of maintaining price stability, which is a precondition for growth and economic stability;

6. Highlights the ECB’s primary objective of maintaining price stability;

Or. en

Amendment 86

Angelika Winzig

Motion for a resolution

Paragraph 6

Motion for a resolution

Amendment

6. Highlights the ECB’s primary objective of maintaining price stability, which is a precondition for growth and economic stability;

6. Highlights the ECB’s primary objective of maintaining price stability, which is a precondition for growth, competitiveness and economic stability;

Or. en

Amendment 87

Markus Ferber, Ralf Seekatz

Motion for a resolution

Paragraph 6

Motion for a resolution

Amendment

6. Highlights the ECB’s primary objective of maintaining price stability, which is a precondition for growth and economic stability;

6. Highlights the ECB’s primary objective of maintaining price stability, which is a necessary precondition for growth and economic stability;

Or. en

Amendment 88

Carla Tavares, Thomas Bajada, Evelyn Regner, Aurore Lalucq

Motion for a resolution

Paragraph 6

Motion for a resolution

Amendment

6. Highlights the ECB’s primary objective of maintaining price stability, which is a precondition for growth and economic stability;

6. Notes the ECB’s primary objective of maintaining price stability, which is one of the conditions for growth and economic stability;

Or. en

Amendment 89

Engin Eroglu

Motion for a resolution

Paragraph 6 a (new)

Motion for a resolution

Amendment

6a. Stresses that monetary policy operations should in principle be conducted in a market-neutral manner, in order to ensure the independence of the ECB as enshrined in the Treaties and to avoid market distortions; considers that deviations from market neutrality can undermine confidence in the independence of the ECB;

Or. de

Amendment 90

Jussi Saramo

on behalf of The Left Group

Motion for a resolution

Paragraph 6 a (new)

Motion for a resolution

Amendment

6 a. Notes that the annual inflation rate in the European Union was 2,6 per cent in September 2025; welcomes the fact inflation has eased considerably during recent years; recalls that in October 2022, the annual rate of inflation in the European Union was 11,5 per cent;

Or. en

Amendment 91

Carla Tavares, Thomas Bajada, Evelyn Regner, Jonás Fernández, César Luena, Aurore Lalucq, Lara Wolters

Motion for a resolution

Paragraph 6 a (new)

Motion for a resolution

Amendment

6 a. Stresses that sustainable growth, resilience and price stability cannot be achieved by monetary policy alone and that supportive and discretionary fiscal policy and socially balanced and productivity-enhancing reforms and investments are also necessary;

Or. en

Amendment 92

Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 6 a (new)

Motion for a resolution

Amendment

6a. Recalls that price stability is essential for attracting investments, driving economic growth, creating jobs, developing new investment projects and contributing to economic prosperity in the long term;

Or. es

Amendment 93

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 6 a (new)

Motion for a resolution

Amendment

6 a. Welcomes the 2025 monetary policy strategy revision and encourages the ECB to periodically conduct such revisions;

Or. en

Amendment 94

Jussi Saramo

on behalf of The Left Group

Motion for a resolution

Paragraph 6 b (new)

Motion for a resolution

Amendment

6 b. Expresses concern over the high cost of living, as food and energy prices have increased significantly in Europe since the COVID-19 pandemic; notes that, on average, the price of a meal in the euro area is one-third higher 1a than before the pandemic, affecting especially low-income households;

_________________

1a https://www.ecb.europa.eu/press/blog/date/2025/html/ecb.blog20250925~7fd65a388a.en.html

Or. en

Amendment 95

Irene Tinagli

Motion for a resolution

Paragraph 7

Motion for a resolution

Amendment

7. Expresses concern at the high levels of inflation in recent years; acknowledges, however, that the 2025 strategy review addressed this issue by clarifying the operational meaning of symmetry around the 2 % target, explicitly committing the Governing Council to respond “with appropriate force or persistence” to both undershooting and overshooting; invites the ECB to thoroughly assess the causes of these high levels of inflation;

Or. en

Amendment 96

Auke Zijlstra

Motion for a resolution

Paragraph 7

Motion for a resolution

Amendment

7. Expresses concern at the high levels of inflation in recent years, which constitutes a systemic failure of monetary policy; believes that the ECB reacted too slowly to the surge in inflation, and that its policy framework has been reactive rather than anticipatory; urges the ECB to thoroughly assess the causes of these high levels of inflation and the ineptitude of the ECB policies to deal with it;

Or. en

Amendment 97

Gerben-Jan Gerbrandy

Motion for a resolution

Paragraph 7

Motion for a resolution

Amendment

7. Expresses concern at the high levels of inflation in recent years; notes that the ECB reacted too slowly to the surge in inflation; invites the ECB to thoroughly assess the causes of these high levels of inflation; observes that recent inflation was highly correlated with fossil fuel energy prices; notes the disinflationary effect of renewable energy technologies in this regard;

Or. en

Amendment 98

Angelika Winzig

Motion for a resolution

Paragraph 7

Motion for a resolution

Amendment

7. Expresses concern at the high levels of inflation in recent years; notes that the ECB reacted too slowly to the surge in inflation; invites the ECB to thoroughly assess the causes of these high levels of inflation; emphasises the need to anchor inflation expectations firmly around the target and to ensure that temporary price pressures do not become structural;

Or. en

Amendment 99

Bas Eickhout

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 7

Motion for a resolution

Amendment

7. Commends the ECB for having brought down inflation from its peak level of 10.6 % in October 2022 to 2% in August 2025, in line with its inflation target; invites the ECB to thoroughly assess the causes of these high levels of inflation and the best way to address inflation stemming from supply shocks, primarily originating from external sources;

Or. en

Amendment 100

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 7

Motion for a resolution

Amendment

7. Calls on the ECB to incorporate mechanisms to better identify the level of transience of the effects of economic shocks in order to ensure a swift and determined monetary policy response to the latter;

Or. en

Amendment 101

Carla Tavares, Thomas Bajada, Evelyn Regner, Jonás Fernández, César Luena, Aurore Lalucq, Lara Wolters

Motion for a resolution

Paragraph 7

Motion for a resolution

Amendment

7. Expresses concern at the high levels of inflation in recent years;; invites the ECB to thoroughly assess the causes of these high levels of inflation in its Annual Report, along with a set of policy recommendations to address future inflationary crisis, particularly when it is driven by supply-side factors;

Or. en

Amendment 102

Vlad Vasile-Voiculescu

Motion for a resolution

Paragraph 7

Motion for a resolution

Amendment

7. Expresses concern at the high levels of inflation in recent years; notes that the ECB reacted too slowly to the surge in inflation; invites the ECB to thoroughly assess the causes of these high levels of inflation, including the continued dependency on imported fossil fuels;

Or. en

Amendment 103

Markus Ferber, Ralf Seekatz

Motion for a resolution

Paragraph 7

Motion for a resolution

Amendment

7. Expresses concern at the high levels of inflation in recent years; notes that the ECB reacted too slowly to the surge in inflation; invites the ECB to thoroughly assess the causes of these high levels of inflation and draw the right conclusions from the ECB's slow response;

Or. en

Amendment 104

Rada Laykova

Motion for a resolution

Paragraph 7

Motion for a resolution

Amendment

7. Expresses concern at the high levels of inflation in recent years; notes that the ECB reacted too slowly to the surge in inflation; invites the ECB to thoroughly assess and present to the Parliament its view on the causes of these high levels of inflation;

Or. en

Amendment 105

Jussi Saramo

on behalf of The Left Group

Motion for a resolution

Paragraph 7

Motion for a resolution

Amendment

7. Expresses concern at the high levels of inflation in recent years; recognizes that inflation resulted in great part from the sudden increase in fossil energy prices following the Russian invasion in Ukraine;

Or. en

Amendment 106

Rada Laykova

Motion for a resolution

Paragraph 7 a (new)

Motion for a resolution

Amendment

7 a. Considers that the strong increase in the money supply in the decade prior to the surge in inflation, which was mainly due to the zero interest rate policy, the asset purchase programs and, in particular, the sharp increase in the money supply immediately prior to the surge, i.e. during the Covid emergency measures, combined with the sudden increase in the velocity of money following the end of Covid restrictions as well as the sudden supply contraction of essential resources as a result of EU sanctions, created a textbook case for a sharp surge in inflation;

Or. en

Amendment 107

Jussi Saramo

on behalf of The Left Group

Motion for a resolution

Paragraph 7 a (new)

Motion for a resolution

Amendment

7 a. Notes that conventional monetary policy is less effective than often assumed with regard to dealing with inflationary pressures stemming from supply-side shocks, such as climate-related shocks or trade disruptions; invites the ECB to analyse whether a more comprehensive policy mix — comprising fiscal, industrial, trade, labour market, and competition policies — is needed to tackle adverse price developments;

Or. en

Amendment 108

Markus Ferber, Ralf Seekatz

Motion for a resolution

Paragraph 7 a (new)

Motion for a resolution

Amendment

7 a. Welcomes that the current inflation outlook is consistent with inflation stabilising around the medium-term target of 2%;

Or. en

Amendment 109

Markus Ferber, Ralf Seekatz

Motion for a resolution

Paragraph 7 b (new)

Motion for a resolution

Amendment

7 b. Highlights the key role that inflation expectations play for the decision-making of economic actors; notes with concern that according to the ECB's Consumer Expectations Survey, median expectations for inflation over the next 12 months at 2.7% and expectations for inflation three years ahead are at 2.5%, i.e. significantly above the ECB's inflation target level;

Or. en

Amendment 110

Bas Eickhout

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 8

Motion for a resolution

Amendment

8. Acknowledges the continued risk of a resurgence in inflation; underlines the importance of not easing monetary policy too rapidly;

8. Underlines that keeping interest rates too high could hamper investment and be detrimental to economic growth; Stresses that high interest rates particularly impact capital-intensive sectors; Is concerned that renewable energy, energy efficiency, storage and grid projects due to high upfront capital costs to build and install the required infrastructure are particularly affected by high interest rate leading to a slowdown of investments required for the green transition; stresses that a delayed energy transition will increase the EU’s vulnerability to climate and energy-related supply shocks; concludes that a restrictive monetary policy could therefore hinder the ECB’s ability to maintain price stability; calls on the ECB to conduct and publish a detailed sectoral analysis of the inflationary and macroeconomic impacts of the necessary scaling up of strategic investments, taking into account the sensitivity of these investments to changes in the financing costs, and their potential contribution to short to medium price stability; invites the ECB to present this analysis at the occasion of a future monetary dialogue;

Or. en

Amendment 111

Rada Laykova

Motion for a resolution

Paragraph 8

Motion for a resolution

Amendment

8. Acknowledges the continued risk of a resurgence in inflation; underlines the importance of not easing monetary policy too rapidly;

8. Acknowledges the continued risk of a resurgence in inflation; underlines the importance of not easing monetary policy too rapidly; expresses concern about the increasing debt levels of member states, their excessive deficit spending and their ensuing predictable effect on the interest rates of several member states, which will refloat the demands for ECB intervention with fresh money to lower the interest rates via asset purchasing, which in turn would result in increased monetary-induced price inflation in the years to come;

Or. en

Amendment 112

Carla Tavares, Thomas Bajada, Evelyn Regner, Jonás Fernández, César Luena, Aurore Lalucq

Motion for a resolution

Paragraph 8

Motion for a resolution

Amendment

8. Acknowledges the continued risk of a resurgence in inflation; underlines the importance of not easing monetary policy too rapidly;

8. Acknowledges the continued risk of a resurgence in inflation; notes that premature monetary easing could reignite inflationary pressures, while cautioning against excessively rigid tightening that fails to take into account the specific dynamics of supply shocks; calls for transparent and consistent communication of the ECB’s decisions across different economic scenarios to effectively guide market expectations.

Or. en

Amendment 113

Marco Falcone, Fulvio Martusciello

Motion for a resolution

Paragraph 8

Motion for a resolution

Amendment

8. Acknowledges the continued risk of a resurgence in inflation; underlines the importance of not easing monetary policy too rapidly;

8. Acknowledges the continued risk of a resurgence in inflation; underlines, however, that keeping interest rates too high could be detrimental to economic growth; calls on the ECB to continue gradually to lower interest rates, while bearing in mind the prudential principles that must always prevail in a system seeking to combine monetary stability and support for the economy;

Or. it

Amendment 114

Auke Zijlstra

Motion for a resolution

Paragraph 8

Motion for a resolution

Amendment

8. Acknowledges the continued risk of a resurgence in inflation; underlines the importance of not easing monetary policy too rapidly;

8. Warns for the continued risk of a resurgence in inflation; underlines the importance of not easing monetary policy too rapidly; expresses concern at the ECB’s ongoing use of unconventional monetary tools, such as asset purchases, which may provide short-term liquidity but create long-term distortions in financial markets and incentivize government over-indebtedness;

Or. en

Amendment 115

Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 8

Motion for a resolution

Amendment

8. Acknowledges the continued risk of a resurgence in inflation; underlines the importance of not easing monetary policy too rapidly;

8. Acknowledges the continued risk of a resurgence in inflation; underlines the importance of monetary policy being prudent and guided solely by price stability criteria, avoiding political pressure or premature decisions that could undermine the ECB's credibility;

Or. es

Amendment 116

Markus Ferber, Ralf Seekatz

Motion for a resolution

Paragraph 8

Motion for a resolution

Amendment

8. Acknowledges the continued risk of a resurgence in inflation; underlines the importance of not easing monetary policy too rapidly;

8. Notes that the ECB has cut the deposit rate by 200 basis points between June 2024 and June 2025; acknowledges the continued risk of a resurgence in inflation; underlines the importance of not easing monetary policy too rapidly;

Or. en

Amendment 117

Vlad Vasile-Voiculescu, Engin Eroglu

Motion for a resolution

Paragraph 8

Motion for a resolution

Amendment

8. Acknowledges the continued risk of a resurgence in inflation; underlines the importance of not easing monetary policy too rapidly;

8. Acknowledges the continued risk of a resurgence in inflation; underlines that any shift towards easing monetary policy should be data driven and conditioned on durable price stability;

Or. en

Amendment 118

Irene Tinagli

Motion for a resolution

Paragraph 8

Motion for a resolution

Amendment

8. Acknowledges the continued risk of a resurgence in inflation; underlines the importance of not easing monetary policy too rapidly;

8. Acknowledges the continued risk of a resurgence in inflation;

Or. en

Amendment 119

Jussi Saramo

on behalf of The Left Group

Motion for a resolution

Paragraph 8

Motion for a resolution

Amendment

8. Acknowledges the continued risk of a resurgence in inflation; underlines the importance of not easing monetary policy too rapidly;

8. Acknowledges the continued risk of a resurgence in inflation in part due to Europe’s reliance on fossil fuel imports;

Or. en

Amendment 120

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 8

Motion for a resolution

Amendment

8. Acknowledges the continued risk of a resurgence in inflation; underlines the importance of not easing monetary policy too rapidly;

8. Acknowledges the current two-sided inflation risk; recognises the smooth path of inflation back to ECB’s target;

Or. en

Amendment 121

Marco Falcone, Fulvio Martusciello

Motion for a resolution

Paragraph 8 a (new)

Motion for a resolution

Amendment

8a. Stresses that the interest rate cuts strategy should form part of a broader strategy to bolster the economic resilience of European households and enterprises; emphasises that interest rate cuts help to significantly lower borrowing costs, encourage investment and increase access to credit, hence promoting stability and economic recovery throughout the euro area;

Or. it

Amendment 122

Bas Eickhout

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 9

Motion for a resolution

Amendment

9. Emphasises in particular the potentially distortive impact of geopolitical uncertainty and trade disruptions on price developments;

9. Emphasises in particular the distortive impact of the climate crisis, geopolitical uncertainty and trade disruptions on price developments; stresses the tremendous impact of the climate crisis on key sectors, such as agriculture and energy; highlights that price increases stemming from the climate change cannot be addressed through traditional monetary policy instruments; calls on reviewing the price stability monitoring framework, by setting up new governance arrangements that would involve and coordinate key stakeholders on broad policy areas including competition, industrial, fiscal and monetary policy; highlights the potential dilemma of tightening the monetary stance when addressing supply shocks to fight short term inflation at the expense of more persistent inflationary pressure on the longer term; calls on the ECB to better prepare against such situations;

Or. en

Amendment 123

Carla Tavares, Thomas Bajada, Evelyn Regner, Jonás Fernández, César Luena, Aurore Lalucq

Motion for a resolution

Paragraph 9

Motion for a resolution

Amendment

9. Emphasises in particular the potentially distortive impact of geopolitical uncertainty and trade disruptions on price developments;

9. Emphasises in particular the potentially distortive impact of geopolitical uncertainty and trade disruptions on price developments; highlights the potential dilemma when addressing future shocks where monetary tightening might help curb short term inflation at the expense of more persistent inflationary pressure on the longer term; calls on the ECB to better prepare against such situations;

Or. en

Amendment 124

Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 9

Motion for a resolution

Amendment

9. Emphasises in particular the potentially distortive impact of geopolitical uncertainty and trade disruptions on price developments;

9. Emphasises in particular the potentially distortive impact of geopolitical uncertainty and trade disruptions on price developments; underlines the need for responses based on the smooth functioning of the markets and being open to trade in order to ensure economic resilience;

Or. es

Amendment 125

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 9

Motion for a resolution

Amendment

9. Emphasises in particular the potentially distortive impact of geopolitical uncertainty and trade disruptions on price developments;

9. Emphasises in particular the potentially distortive impact of geopolitical uncertainty and trade disruptions on price developments; highlights the challenges that this uncertainty implies to the monetary policy stance;

Or. en

Amendment 126

Vlad Vasile-Voiculescu, Gilles Boyer, Stéphanie Yon-Courtin

Motion for a resolution

Paragraph 9

Motion for a resolution

Amendment

9. Emphasises in particular the potentially distortive impact of geopolitical uncertainty and trade disruptions on price developments;

9. Emphasises in particular the potentially distortive impact of geopolitical uncertainty, including connected energy security risks, trade disruptions and extreme weather conditions on price developments;

Or. en

Amendment 127

Jussi Saramo

on behalf of The Left Group

Motion for a resolution

Paragraph 9

Motion for a resolution

Amendment

9. Emphasises in particular the potentially distortive impact of geopolitical uncertainty and trade disruptions on price developments;

9. Emphasises in particular the potentially distortive impact of geopolitical uncertainty, trade disruptions, climate change and fossil fuel imports on price developments;

Or. en

Amendment 128

Rada Laykova

Motion for a resolution

Paragraph 9 a (new)

Motion for a resolution

Amendment

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

Or. en

Amendment 129

Bas Eickhout

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 9 a (new)

Motion for a resolution

Amendment

9 a. Calls on the ECB to reassess the feasibility of applying differentiated interest rates to support investments clearly geared towards energy efficiency and renewable energies; considers that this approach would enable the ECB to act simultaneously on demand and supply factors by raising rates to reduce aggregate demand, while at the same time lowering the green interest rate to preserve specific supply side factors from undue tightening;

Or. en

Amendment 130

Carla Tavares, Thomas Bajada, Evelyn Regner, Aurore Lalucq

Motion for a resolution

Paragraph 9 a (new)

Motion for a resolution

Amendment

9 a. Highlights the availability of the Transmission Protection Instrument (TPI) as a tool to counter unwarranted and disorderly market dynamics that threaten the smooth transmission of monetary policy across the euro area; underlines that ensuring fiscal sustainability remains the responsibility of Member States, while the TPI serves to prevent market contagion and safeguard the uniform transmission of the ECB’s monetary stance;

Or. en

Amendment 131

Bas Eickhout

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 9 b (new)

Motion for a resolution

Amendment

9 b. Calls on the ECB to fully complete the 2021 roadmap of climate-related actions; calls for the integration of climate-related, environmental and sustainability-related data and indicators into the ESCB’s statistics, which are necessary to assess the impact of climate, environmental and broader sustainability factors on monetary policy, financial stability and the real economy;

Or. en

Amendment 132

Carla Tavares, Thomas Bajada, Evelyn Regner, Jonás Fernández, César Luena, Aurore Lalucq, Lara Wolters

Motion for a resolution

Paragraph 9 b (new)

Motion for a resolution

Amendment

9 b. Calls for ECB to make full use of the current policy tools at its disposal and consider all unconventional monetary policy instruments and flexibility within its mandate to ensure financial and macroeconomic stability and provide enough liquidity to serve the real economy and financial system;

Or. en

Amendment 133

Jussi Saramo

on behalf of The Left Group

Motion for a resolution

Paragraph 10

Motion for a resolution

Amendment

10. Notes that a symmetric target of around 2 % is adduced as a reason to encourage inflation in times of near-zero inflation;

deleted

Or. en

Amendment 134

Auke Zijlstra

Motion for a resolution

Paragraph 10

Motion for a resolution

Amendment

10. Notes that a symmetric target of around 2 % is adduced as a reason to encourage inflation in times of near-zero inflation;

10. Notes that a symmetric target of around 2 % is adduced as a reason to encourage inflation in times of near-zero inflation; calls for a review of the ECB’s commitment to this ‘symmetric inflation target’, which could encourage inflation unnecessarily and impose economic distortions;

Or. en

Amendment 135

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 10

Motion for a resolution

Amendment

10. Notes that a symmetric target of around 2 % is adduced as a reason to encourage inflation in times of near-zero inflation;

10. Notes that a symmetric target of 2 % over the medium helps to anchor expectations even in cases of short term deviations in either direction;

Or. en

Amendment 136

Carla Tavares, Thomas Bajada, Evelyn Regner, Aurore Lalucq

Motion for a resolution

Paragraph 10

Motion for a resolution

Amendment

10. Notes that a symmetric target of around 2 % is adduced as a reason to encourage inflation in times of near-zero inflation;

10. Notes that a symmetric target of 2 % is adduced as a reason to encourage inflation in times of near-zero inflation;

Or. en

Amendment 137

Bas Eickhout

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 10

Motion for a resolution

Amendment

10. Notes that a symmetric target of around 2 % is adduced as a reason to encourage inflation in times of near-zero inflation;

10. Welcomes the symmetric target of around 2 % in order to address both inflationary and deflationary pressures;

Or. en

Amendment 138

Carla Tavares, Thomas Bajada, Evelyn Regner, Jonás Fernández, César Luena, Aurore Lalucq, Lara Wolters

Motion for a resolution

Paragraph 10 a (new)

Motion for a resolution

Amendment

10 a. Reaffirms the ECB’s medium-term symmetric 2% inflation target as the anchor for monetary policy; emphasizes that, in an environment of heightened uncertainty and recurrent supply shocks, adopting data-dependent policy scenarios and a gradual approach can help minimize output losses while preserving credibility and maintaining well-anchored inflation expectations;

Or. en

Amendment 139

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 11

Motion for a resolution

Amendment

11. Invites the ECB to revise its symmetric target in favour of a more qualitative framework for protecting price stability, where price stability is defined as that state in which expected changes in the general price level do not effectively alter business or household decisions;

deleted

Or. en

Amendment 140

Bas Eickhout

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 11

Motion for a resolution

Amendment

11. Takes notes of recent IMF findings that inflation targeting central banks have on average raised their policy rates more than non-inflation targeting central banks, while not achieving better inflation outcomes; concurs with the authors’ view on the need to reflect “on how the framework performs in an environment where supply-side forces play a more prominent role in driving inflation” and that the framework might need adaptations; Invites the ECB to assess whether a more qualitative framework would be more adequate for protecting price stability;

Or. en

Amendment 141

Vlad Vasile-Voiculescu

Motion for a resolution

Paragraph 11

Motion for a resolution

Amendment

11. In line with Article 127 TFEU, invites the ECB to evaluate the continued adequacy of its definition of price stability in view of ongoing structural shifts, including digitalisation, the green transition and demographic trends; urges the Bank to establish a forward-looking and flexible framework that supports sustainable economic growth, enhances the competitiveness of European businesses and safeguards the financial well-being of households;

Or. en

Amendment 142

Auke Zijlstra

Motion for a resolution

Paragraph 11

Motion for a resolution

Amendment

11. Urges the ECB to revise its symmetric target in favour of a more qualitative framework for protecting price stability, where price stability is defined as that state in which expected changes in the general price level do not effectively alter business or household decisions; and which focusses on maintaining the purchasing power of money and allowing market mechanisms to determine natural price developments;

Or. en

Amendment 143

Markus Ferber, Ralf Seekatz

Motion for a resolution

Paragraph 11

Motion for a resolution

Amendment

11. Invites the ECB to periodically assess the appropriateness of its symmetric target, also taking into account qualitative factors;

Or. en

Amendment 144

Jussi Saramo

on behalf of The Left Group

Motion for a resolution

Paragraph 11

Motion for a resolution

Amendment

11. Invites the ECB to critically assess its inflation target, as the 2 per cent target may have been reasonable during a period of more stable growth and limited fluctuations in the inflation rate; calls on the ECB to assess whether the current period — marked by, inter alia, geopolitical tensions, trade disruptions, and climate shocks — necessitates a more flexible inflation target;

Or. en

Amendment 145

Carla Tavares, Thomas Bajada, Evelyn Regner, Jonás Fernández, César Luena, Aurore Lalucq, Lara Wolters

Motion for a resolution

Paragraph 11 a (new)

Motion for a resolution

Amendment

11 a. Given the current geopolitical and financial uncertainty and impact of a deeper economic downturn with spillovers to the banking system, warns about the risks caused by the serious delay in completing the third pillar of the banking union and repeats its calls for its swift completion; welcomes the ECB’s long-standing support of the establishment of a fully-fledged European Deposit Insurance Scheme (EDIS);

Or. en

Amendment 146

Jonás Fernández

Motion for a resolution

Paragraph 12

Motion for a resolution

Amendment

12. Indicates that price stability, as mentioned in the mandate, could be interpreted as stability of the price level as opposed to the current interpretation of inflation stability;

deleted

Or. en

Amendment 147

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 12

Motion for a resolution

Amendment

12. Indicates that price stability, as mentioned in the mandate, could be interpreted as stability of the price level as opposed to the current interpretation of inflation stability;

deleted

Or. en

Amendment 148

Jussi Saramo

on behalf of The Left Group

Motion for a resolution

Paragraph 12

Motion for a resolution

Amendment

12. Indicates that price stability, as mentioned in the mandate, could be interpreted as stability of the price level as opposed to the current interpretation of inflation stability;

deleted

Or. en

Amendment 149

Vlad Vasile-Voiculescu

Motion for a resolution

Paragraph 12

Motion for a resolution

Amendment

12. Indicates that price stability, as mentioned in the mandate, could be interpreted as stability of the price level as opposed to the current interpretation of inflation stability;

deleted

Or. en

Amendment 150

Markus Ferber, Ralf Seekatz

Motion for a resolution

Paragraph 12

Motion for a resolution

Amendment

12. Indicates that price stability, as mentioned in the mandate, could be interpreted as stability of the price level as opposed to the current interpretation of inflation stability;

deleted

Or. en

Amendment 151

Irene Tinagli

Motion for a resolution

Paragraph 12

Motion for a resolution

Amendment

12. Indicates that price stability, as mentioned in the mandate, could be interpreted as stability of the price level as opposed to the current interpretation of inflation stability;

deleted

Or. en

Amendment 152

Carla Tavares, Thomas Bajada, Evelyn Regner, Aurore Lalucq, Lara Wolters

Motion for a resolution

Paragraph 12

Motion for a resolution

Amendment

12. Indicates that price stability, as mentioned in the mandate, could be interpreted as stability of the price level as opposed to the current interpretation of inflation stability;

12. Indicates that price stability, as mentioned in the mandate, could be interpreted as stability of the price level as opposed to the current interpretation of inflation stability; notes that Treaties do not precisely define "price stability," leaving it to the ECB’s own strategy; notes that the current official ECB interpretation, as outlined in its 2025 monetary policy strategy, defines price stability as maintaining inflation at 2% over the medium term (a symmetric 2% inflation target);

Or. en

Amendment 153

Bas Eickhout

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 12

Motion for a resolution

Amendment

12. Indicates that price stability, as mentioned in the mandate, could be interpreted as stability of the price level as opposed to the current interpretation of inflation stability;

12. Indicates that price stability, as mentioned in the mandate, could be interpreted differently; invites the ECB to review whether its current definition of price stability, for instance the time horizon at which price stability is currently measured, needs to be revised;

Or. en

Amendment 154

Irene Tinagli

Motion for a resolution

Paragraph 13

Motion for a resolution

Amendment

13. Notes that deflation can be the benign consequence of technological progress; recognises the ECB’s role in avoiding protracted periods of deflation due to deficient developments in the money supply;

13. Notes that while deflation can occasionally result from technological progress and productivity gains; it may also pose significant risks to economic activity and to the effectiveness of monetary policy; underlines that persistent or broad-based deflation can increase the real burden of debt, weaken investment and consumption, and constrain the central bank’s capacity to provide effective stimulus at the lower bound; recognises the ECB’s role in preventing protracted deflationary episodes arising from insufficient monetary expansion or adverse expectations dynamics;

Or. en

Amendment 155

Vlad Vasile-Voiculescu

Motion for a resolution

Paragraph 13

Motion for a resolution

Amendment

13. Notes that deflation can be the consequence of technological progress; stresses that deflation increases the real debt burden, discourages consumption and investment, and heightens financial-stability risks; underlines the importance of the Bank’s continued vigilance in preventing deflationary dynamics and ensuring that its monetary policy framework remains forward-looking, flexible and effective in safeguarding sustainable growth and price stability in the euro area;

Or. en

Amendment 156

Bas Eickhout

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 13

Motion for a resolution

Amendment

13. Notes that technological progress can lead to sectoral price declines or quality improvements at stable prices, which should not be confused with economy-wide deflation; recalls that historical episodes of deflation have coincided with major economic and social crises; recognises the ECB’s role in avoiding protracted periods of deflation due to deficient developments in the money supply;

Or. en

Amendment 157

Jussi Saramo

on behalf of The Left Group

Motion for a resolution

Paragraph 13

Motion for a resolution

Amendment

13. Notes that deflation can be a consequence of technological development but that it harms the economy by increasing real debt burdens; recognises the ECB’s role in avoiding periods of deflation through an appropriate use of its monetary policy toolkit; recognises the role of fiscal policy in helping prevent deflation;

Or. en

Amendment 158

Anouk Van Brug, Engin Eroglu

Motion for a resolution

Paragraph 13

Motion for a resolution

Amendment

13. Notes that deflation can be the benign consequence of technological progress, thereby increasing general living standards; recognises the ECB’s role in avoiding protracted periods of deflation due to deficient developments in the money supply;

Or. en

Amendment 159

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 13

Motion for a resolution

Amendment

13. Recognises the ECB’s role in avoiding protracted periods of deviations from the target due to any reason either from supply or demand side;

Or. en

Amendment 160

Dirk Gotink

Motion for a resolution

Paragraph 14

Motion for a resolution

Amendment

14. Stresses that the ECB’s purchase programmes are unconventional policies applicable only during crisis periods; notes that the ECB started shrinking its balance sheet only very gradually; supports the ECB in further diminishing its direct role in purchasing securities; stresses that the ECB’s purchase programmes can lead to excessive interference of the ECB in the functioning of financial markets; invites the ECB to share more insights on the impact of the purchase programmes on the functioning of financial markets, including the impact on pension funds and pension insurance cooperations;

Or. en

Amendment 161

Irene Tinagli, Jonás Fernández

Motion for a resolution

Paragraph 14

Motion for a resolution

Amendment

14. Notes that asset purchase programmes and targeted lending operations have played an important role in supporting monetary transmission and financial stability during past crises; welcomes, in this context, the ECB’s decision to reaffirm the primacy of policy rates as the main instrument of monetary policy, while defining balance-sheet measures as secondary and complementary tools to be used when warranted; notes that the gradual reduction of the ECB’s balance sheet contributes to the normalisation of monetary policy while preserving flexibility to address future shocks;

Or. en

Amendment 162

Rada Laykova

Motion for a resolution

Paragraph 14

Motion for a resolution

Amendment

14. Stresses that the ECB’s purchase programmes are very questionable policies undermining the principle of monetary dominance by indirectly financing excessive government spending via the downward manipulation of bond prices and thus debt costs at the expense of future price stability and, consequently, the real wealth and purchasing power of the entire population of the euro area; notes that the ECB started shrinking its balance sheet only very gradually; supports the ECB in further diminishing its direct role in purchasing securities;

Or. en

Amendment 163

Markus Ferber, Ralf Seekatz

Motion for a resolution

Paragraph 14

Motion for a resolution

Amendment

14. Stresses that the ECB’s purchase programmes are unconventional policy tools that come with side effects and should only be applied during crisis periods; notes in particular that asset purchase programmes can distort price signals; notes that the ECB started shrinking its balance sheet only very gradually; supports the ECB in further diminishing its direct role in purchasing securities;

Or. en

Amendment 164

Jussi Saramo

on behalf of The Left Group

Motion for a resolution

Paragraph 14

Motion for a resolution

Amendment

14. Notes that the ECB’s purchase programmes are part of the ECB’s monetary policy toolkit; notes that the ECB started shrinking its balance sheet;

Or. en

Amendment 165

Vlad Vasile-Voiculescu

Motion for a resolution

Paragraph 14

Motion for a resolution

Amendment

14. Stresses that the ECB’s purchase programmes are part of the Bank's monetary policy mandate; notes that the ECB started shrinking its balance sheet;

Or. en

Amendment 166

Carla Tavares, Thomas Bajada, Evelyn Regner, Jonás Fernández, César Luena, Aurore Lalucq, Lara Wolters

Motion for a resolution

Paragraph 14

Motion for a resolution

Amendment

14. Stresses that the ECB’s purchase programmes are unconventional policies; Notes that ECB is further diminishing its direct role in purchasing securities;

Or. en

Amendment 167

Bas Eickhout

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 14

Motion for a resolution

Amendment

14. Stresses that the ECB’s purchase programmes are unconventional policies that are part of the ECB toolkit ; notes that the ECB started shrinking its balance sheet gradually;

Or. en

Amendment 168

Marco Falcone, Fulvio Martusciello, Herbert Dorfmann

Motion for a resolution

Paragraph 14

Motion for a resolution

Amendment

Or. it

Amendment 169

Anouk Van Brug, Engin Eroglu, Ľudovít Ódor

Motion for a resolution

Paragraph 14

Motion for a resolution

Amendment

Or. en

Amendment 170

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 14

Motion for a resolution

Amendment

14. Stresses that the Governing Council may use other instruments besides interest rates, including asset purchases, to steer the monetary policy stance when the policy rates are close to the lower bound or to preserve the smooth functioning of monetary policy transmission;

Or. en

Amendment 171

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 14 a (new)

Motion for a resolution

Amendment

14 a. Welcomes the fact that the asset portfolio under the ECB’s purchase programmes has been on a downward trend since 2023 reducing the excess of liquidity in the market;

Or. en

Amendment 172

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 14 b (new)

Motion for a resolution

Amendment

14 b. Welcomes the establishment in July 2022 of the transmission protection instrument, which makes it possible to ensure the proper transmission of monetary policy in each and every EMU country, thus avoiding additional risks of fragmentation in times of financial stress, which result in asset valuations moving away from their fundamental values; recalls the conditionality of the application of this instrument on strict compliance with fiscal rules, fiscal sustainability, the absence of macroeconomic imbalances and sustainable macroeconomic policies;

Or. en

Amendment 173

Irene Tinagli

Motion for a resolution

Paragraph 15

Motion for a resolution

Amendment

15. Regrets that the ECB’s short-term lending schemes have largely displaced the private interbank funding market; calls on the ECB to avoid paying banks deposit rates that are above market rates, as this runs counter to the principle of an open market with free competition;

15. Notes that the interbank market experienced severe dysfunctions before the ECB introduced its large-scale refinancing operations, as heightened counterparty risk, financial fragmentation and excess liquidity hoarding led to a sharp decline in unsecured interbank activity; underlines that the ECB’s short-term lending schemes were therefore instrumental in restoring market functioning and ensuring the smooth transmission of monetary policy; stresses that these facilities complement, rather than displace, private interbank funding, and encourages the ECB to continue calibrating its deposit and lending rates in a way that supports orderly market conditions and effective competition;

Or. en

Amendment 174

Vlad Vasile-Voiculescu

Motion for a resolution

Paragraph 15

Motion for a resolution

Amendment

15. Notes that the ECB’s short-term lending schemes have contributed to financial stability, smoother monetary-policy transmission and reduced market volatility during periods of stress; it also acknowledges that this development has displaced the private interbank funding market; underlines, however, the importance of restoring well-functioning interbank activity over the medium term in order to strengthen market discipline, enhance efficiency in liquidity allocation and reduce structural dependence on ECB;

Or. en

Amendment 175

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 15

Motion for a resolution

Amendment

15. Calls on the ECB to take measures to remove any obstacle hindering the recovery of short term unsecured interbank markets that have been greatly reduced since the Great Financial Crisis;

Or. en

Amendment 176

Jussi Saramo

on behalf of The Left Group

Motion for a resolution

Paragraph 15

Motion for a resolution

Amendment

15. Notes that the ECB’s long-term operations have partially reduced the unsecured private interbank funding market; calls on the ECB to consider increasing the non-remunerated minimum reserve requirements for banks to curb extra profits;

Or. en

Amendment 177

Bas Eickhout

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 15

Motion for a resolution

Amendment

15. Notes that the ECB’s long-term lending schemes have displaced part of the private interbank funding market; calls on the ECB to avoid paying banks deposit rates that are above market rates; Invites the ECB to consider raising the minimum reserve requirements for banks;

Or. en

Amendment 178

Carla Tavares, Thomas Bajada, Evelyn Regner, Aurore Lalucq

Motion for a resolution

Paragraph 15

Motion for a resolution

Amendment

15. Notes that the ECB’s short-term lending schemes have displaced the private interbank funding market; highlights the importance of aligning deposit facility rates with prevailing market rates to support effective monetary policy implementation;

Or. en

Amendment 179

Bas Eickhout

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 15 a (new)

Motion for a resolution

Amendment

15 a. Welcomes that since September 2023, minimum reserves are remunerated at 0%; underlines that commercial banks continue to perceive interests for reserves held at the ECB above the minimum required reserves without any cap, which could generate unearned windfall profits; calls on the ECB to explore tiering or differentiated interest rates to mitigate this issue;

Or. en

Amendment 180

Carla Tavares, Thomas Bajada, Evelyn Regner, Jonás Fernández, César Luena, Aurore Lalucq, Lara Wolters

Motion for a resolution

Paragraph 16

Motion for a resolution

Amendment

16. Emphasises the importance of ensuring high standards on quality requirements for collateral in lending arrangements with the ECB;

16. Emphasises the importance of ensuring high standards on quality requirements for collateral in lending arrangements with the ECB; welcomes the forthcoming integration of a climate factor into the Eurosystem’s collateral framework, recognizing it as a crucial step to better manage climate-related financial risks and enhance the resilience of monetary policy operations.

Or. en

Amendment 181

Bas Eickhout

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 16

Motion for a resolution

Amendment

16. Emphasises the importance of ensuring high standards on quality requirements for collateral in lending arrangements with the ECB;

16. Emphasises the importance of ensuring high standards on quality requirements for collateral in lending arrangements with the ECB; acknowledges that the value of collateral is sensitive to the climate crisis; welcomes the ECB decision to introduce a “climate factor” which could reduce the value assigned to eligible assets pledged as collateral as of 2026;

Or. en

Amendment 182

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 16

Motion for a resolution

Amendment

16. Emphasises the importance of ensuring high standards on quality requirements for collateral in lending arrangements with the ECB;

16. Emphasises the importance of ensuring high standards on quality requirements for collateral in lending arrangements with the ECB; recognises that collateral standards can be used as a tool for monetary policy transmission;

Or. en

Amendment 183

Jonás Fernández

Motion for a resolution

Paragraph 17

Motion for a resolution

Amendment

17. Supports the ECB in its efforts to include owner-occupied housing in its monitoring of price indices for reasons of both representativeness and comparability across countries in the euro area;

deleted

Or. en

Amendment 184

Carla Tavares, Thomas Bajada, Evelyn Regner, Aurore Lalucq, Lara Wolters

Motion for a resolution

Paragraph 17

Motion for a resolution

Amendment

17. Supports the ECB in its efforts to include owner-occupied housing in its monitoring of price indices for reasons of both representativeness and comparability across countries in the euro area;

17. Supports the ECB in its efforts to include owner-occupied housing in its monitoring of price indices for reasons of both representativeness and comparability across countries in the euro area;subject to a harmonised, methodologically robust approach that avoids pro-cyclical distortions and preserves cross-country comparability;

Or. en

Amendment 185

Rada Laykova

Motion for a resolution

Paragraph 17 a (new)

Motion for a resolution

Amendment

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

Or. en

Amendment 186

Carla Tavares, Thomas Bajada, Evelyn Regner, Aurore Lalucq, Lara Wolters

Motion for a resolution

Paragraph 17 a (new)

Motion for a resolution

Amendment

17 a. Notes that the impact of monetary policy tightening varies across economic sectors and firms, depending largely on their sensitivity to changes in capital costs and interest rate; calls on the ECB to conduct and publish a detailed sectoral analysis of the inflationary and macroeconomic effects of scaling up strategic investments, especially those related to the green transition and energy autonomy, and their potential contribution to price stability over the short and medium term.

Or. en

Amendment 187

Irene Tinagli

Motion for a resolution

Paragraph 17 a (new)

Motion for a resolution

Amendment

17 a. Notes that the ECB’s 2025 review did not address some long-standing issues in the collateral framework, including the partial reliance on external credit ratings and the risk of pro-cyclical “cliff effects” for sovereign bonds near the investment-grade threshold; calls on the ECB to further clarify its approach to collateral eligibility and discretionary waivers in order to provide greater certainty to markets and to avoid potential perceptions of politicisation;

Or. en

Amendment 188

Vlad Vasile-Voiculescu

Motion for a resolution

Paragraph 17 a (new)

Motion for a resolution

Amendment

17 a. Calls on the ECB to strengthen its analytical focus on the heterogeneity of inflation and credit transmission across Member States, ensuring that monetary policy supports economic convergence and does not exacerbate structural divergences within the Union;

Or. en

Amendment 189

Fabio De Masi

Motion for a resolution

Paragraph 17 b (new)

Motion for a resolution

Amendment

17 d. Suggests that the ECB’s forecasts, which evaluate the inflationary impact of EU policy proposals, should also consider the potential effects of different monetary tools, which could mitigate the supposed negative impact of such fiscal policies on price stability;

Or. en

Amendment 190

Fabio De Masi

Motion for a resolution

Paragraph 17 a (new)

Motion for a resolution

Amendment

17 e. Recognizes the ECB's research on the consequences of increased defence spending on economic growth and inflation, as published in the ECB Economic Bulletin, Issue 6/2025; suggests that the ECB also considers the potential consequences of increased defence spending, including an assessment of market power and supply chain issues;

Or. en

Amendment 191

Fabio De Masi

Motion for a resolution

Paragraph 17 b (new)

Motion for a resolution

Amendment

17 f. Expresses concern about the reported problems for ECB economists whose research findings contradict the views of more senior individuals at the central bank, as reported by the Financial Times: "[ECB Works Council Chair Carlos] Bowles told Börsen-Zeitung that this can create issues for ECB economists whose research findings are at odds with the views of more senior individuals at the central bank.";

Or. en

Amendment 192

Fabio De Masi

Motion for a resolution

Paragraph 17 c (new)

Motion for a resolution

Amendment

17 g. Notes that Christine Lagarde has commented on the German government’s decision to increase government expenditure; suggests enhancing policy coordination between monetary policy and fiscal policy to achieve the economic targets of price stability, full employment and economic growth;

Or. en

Amendment 193

Fabio De Masi

Motion for a resolution

Paragraph 17 d (new)

Motion for a resolution

Amendment

17 h. Suggests that the ECB investigates the use of buffer stocks with respect to “carbonflation”, as a limited number of sectors would be identified as the primary contributors to this phenomenon;

Or. en

Amendment 194

Markus Ferber, Ralf Seekatz

Motion for a resolution

Subheading 3

Motion for a resolution

Amendment

Secondary objectives

Supporting the general economic policies in the EU

Or. en

Amendment 195

Bas Eickhout

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 18

Motion for a resolution

Amendment

18. Recalls that the Eurosystem has been built on the principle of monetary dominance;

deleted

Or. en

Amendment 196

Jonás Fernández

Motion for a resolution

Paragraph 18

Motion for a resolution

Amendment

18. Recalls that the Eurosystem has been built on the principle of monetary dominance;

deleted

Or. en

Amendment 197

Jussi Saramo

on behalf of The Left Group

Motion for a resolution

Paragraph 18

Motion for a resolution

Amendment

18. Recalls that the Eurosystem has been built on the principle of monetary dominance;

18. Recalls that without prejudice to the objective of price stability, the ECB shall support the general economic policies of the Union with a view to contributing to the achievement of the objectives of the Union as laid down in Article 3 of the Treaty on European Union;

Or. en

Amendment 198

Vlad Vasile-Voiculescu, Gilles Boyer, Stéphanie Yon-Courtin

Motion for a resolution

Paragraph 18

Motion for a resolution

Amendment

18. Recalls that the Eurosystem has been built on the principle of monetary dominance;

18. Recalls that, pursuant to Article 127(1) TFEU, the European Central Bank is required to support the Union’s general economic policies in order to advance the objectives of Article 3 TEU, provided that this does not compromise its primary objective of price stability;

Or. en

Amendment 199

Carla Tavares, Thomas Bajada, Evelyn Regner, Aurore Lalucq

Motion for a resolution

Paragraph 18

Motion for a resolution

Amendment

18. Recalls that the Eurosystem has been built on the principle of monetary dominance;

18. Recalls that the Eurosystem has been built on the principle of monetary dominance; emphasizes that maintaining the Eurosystem’s resilience requires the ECB to be a predictable, transparent, and credible institution, while upholding democratic accountability without compromising its independence;

Or. en

Amendment 200

Rada Laykova

Motion for a resolution

Paragraph 18

Motion for a resolution

Amendment

18. Recalls that the Eurosystem has been built on the principle of monetary dominance;

18. Recalls that the Eurosystem has been built on the principle of monetary dominance; recalls that the ECB has announced more than two decades ago that it will follow in the tradition of the German Bundesbank, a promise that has yet to be fulfilled;

Or. en

Amendment 201

Anouk Van Brug, Engin Eroglu, Ľudovít Ódor

Motion for a resolution

Paragraph 18

Motion for a resolution

Amendment

18. Recalls that the Eurosystem has been built on the principle of monetary dominance;

18. Recalls that the Eurosystem has been built on the principle of monetary dominance; emphasises that the Economic and Monetary Union requires solid fiscal policies in Member States to be able to respond to external shocks;

Or. en

Amendment 202

Auke Zijlstra

Motion for a resolution

Paragraph 18

Motion for a resolution

Amendment

18. Recalls that the Eurosystem has been built on the principle of monetary dominance;

18. Recalls that the Eurosystem has been built on the principle of monetary dominance; reaffirms that this principle must exclude any subordination of monetary policy to fiscal, social or climate objectives;

Or. en

Amendment 203

Markus Ferber, Ralf Seekatz

Motion for a resolution

Paragraph 18

Motion for a resolution

Amendment

18. Recalls that the Eurosystem has been built on the principle of monetary dominance;

18. Recalls that the Eurosystem has been built on the principle of monetary dominance; recalls that this means that fiscal policies follow monetary policy;

Or. en

Amendment 204

Carla Tavares, Thomas Bajada, Evelyn Regner, Jonás Fernández, César Luena, Aurore Lalucq, Lara Wolters

Motion for a resolution

Paragraph 18 a (new)

Motion for a resolution

Amendment

18 a. Highlights that the ECB’s secondary objectives, which are legally binding alongside its primary mandate of price stability, include promoting balanced and sustainable economic growth, supporting a highly competitive social market economy aimed at full employment and social progress, as well as fostering convergence and a high level of protection and improvement of the environment’s quality; underlines that these sustainable development, convergence, full employment, and social progress goals are general objectives of the Union as defined in Article 3 of the Treaty on European Union (TEU);

Or. en

Amendment 205

Rada Laykova

Motion for a resolution

Paragraph 18 a (new)

Motion for a resolution

Amendment

18 a. Notes the sharp rise in gold prices, which highlights a lack of credibility of the principle of monetary dominance as well as an increasing mistrust of the world´s central banks towards the Western reserve currencies, the Dollar and the Euro;

Or. en

Amendment 206

Fabio De Masi

Motion for a resolution

Paragraph 18 a (new)

Motion for a resolution

Amendment

18 a. Asks the ECB to continue playing a supportive role in sovereign debt markets and notes that moving away from the position of potential market maker could lead to a resurgence of the Eurozone crisis of the early 2010s;

Or. en

Amendment 207

Markus Ferber, Ralf Seekatz

Motion for a resolution

Paragraph 18 a (new)

Motion for a resolution

Amendment

18 a. Recalls that according to the treaty, the ECB shall only support the general economic policies of the Union, if such actions do not conflict with the objective of price stability;

Or. en

Amendment 208

Bas Eickhout

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 18 a (new)

Motion for a resolution

Amendment

18 a. Recalls that the ECB’s obligation to support the general economic policies in the Union is a legal duty, not an option;

Or. en

Amendment 209

Rada Laykova

Motion for a resolution

Paragraph 18 b (new)

Motion for a resolution

Amendment

18 b. Advocates against measures of the ECB that provide for unequal treatment of Member States, in particular measures that show signs of a yield spread control;

Or. en

Amendment 210

Fabio De Masi

Motion for a resolution

Paragraph 18 b (new)

Motion for a resolution

Amendment

18 b. Notes that Target 2-balances are merely an accounting reflection of economic imbalances in the euro area and do not constitute debts between countries;

Or. en

Amendment 211

Fabio De Masi

Motion for a resolution

Paragraph 18 c (new)

Motion for a resolution

Amendment

18 c. Suggests that the ECB investigates the consequences of higher interest rates, such as increased mortgage and interest payments on government bonds, for its secondary objectives and how these consequences can be mitigated;

Or. en

Amendment 212

Fabio De Masi

Motion for a resolution

Paragraph 18 d (new)

Motion for a resolution

Amendment

18 d. Suggests that the ECB examines the negative economic consequences for employment and price stability of cuts to government spending and tax rate increases, particularly when these result from the application of the EU's fiscal rules;

Or. en

Amendment 213

Jussi Saramo

on behalf of The Left Group

Motion for a resolution

Paragraph 19

Motion for a resolution

Amendment

19. Highlights, in the context of the EU economic governance framework, the importance of sound public finances in withstanding a high interest rate environment;

deleted

Or. en

Amendment 214

Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 19

Motion for a resolution

Amendment

19. Highlights, in the context of the EU economic governance framework, the importance of sound public finances in withstanding a high interest rate environment;

19. Highlights, in the context of the EU economic governance framework, the importance of sound public finances as a key factor in withstanding a high interest rate environment and driving economic growth, as they promote confidence in macroeconomic stability and facilitate an investment-friendly environment and job creation; reiterates the need for Member States to promote fiscal responsibility;

Or. es

Amendment 215

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 19

Motion for a resolution

Amendment

19. Highlights, in the context of the EU economic governance framework, the importance of sound public finances in withstanding a high interest rate environment;

19. Highlights, in the context of the EU economic governance framework, the importance of sound public finances in withstanding a high interest rate environment; recognises that fiscal fragmentation can represent a financial risk, especially when both capital markets and the banking sector are fragmented; notes the importance of strict compliance with fiscal rules to maintain fiscal space and prevent additional inflationary pressures;

Or. en

Amendment 216

Carla Tavares, Thomas Bajada, Evelyn Regner, Jonás Fernández, César Luena, Aurore Lalucq, Lara Wolters

Motion for a resolution

Paragraph 19

Motion for a resolution

Amendment

19. Highlights, in the context of the EU economic governance framework, the importance of sound public finances in withstanding a high interest rate environment;

19. Highlights, in the context of the EU economic governance framework, the importance of sound and sustainable public finances in withstanding a high interest rate environment and providing enough flexibility to address economic and financial shocks;

Or. en

Amendment 217

Markus Ferber, Ralf Seekatz

Motion for a resolution

Paragraph 19

Motion for a resolution

Amendment

19. Highlights, in the context of the EU economic governance framework, the importance of sound public finances in withstanding a high interest rate environment;

19. Highlights, in the context of the EU economic governance framework, the importance of sound public finances in withstanding a high interest rate environment and improving the overall resilience of the Economic and Monetary Union;

Or. en

Amendment 218

Bas Eickhout

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 19

Motion for a resolution

Amendment

19. Highlights, in the context of the EU economic governance framework, the importance of sound public finances in withstanding a high interest rate environment;

19. Highlights, the impact of a high interest rate environment on the refinancing costs for Member States;

Or. en

Amendment 219

Marco Falcone, Fulvio Martusciello, Herbert Dorfmann

Motion for a resolution

Paragraph 19 a (new)

Motion for a resolution

Amendment

19a. Stresses the value of introducing common EU debt instruments, such as eurobonds, issued under the supervision of the European Central Bank, as is also highlighted in the Draghi report, with this being the only way to address Europe’s future challenges and strengthen its global competitiveness, but also a means of reinforcing the economic cohesion and financial stability of the euro area; believes that these instruments can help to reduce the cost of debt for countries with greater financial vulnerability, while also fostering an increase in strategic investments in innovation, the green economy and energy security;

Or. it

Amendment 220

Rada Laykova

Motion for a resolution

Paragraph 19 a (new)

Motion for a resolution

Amendment

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

Or. en

Amendment 221

Carla Tavares, Thomas Bajada, Evelyn Regner, Jonás Fernández, César Luena, Aurore Lalucq, Lara Wolters

Motion for a resolution

Paragraph 19 a (new)

Motion for a resolution

Amendment

19 a. Notes that the IMF’s World Economic Outlook 2025 recommends that the euro area safeguard the ECB’s independence, better align fiscal and monetary policies, and strengthen financial supervision to navigate a fragile disinflation environment and prevent future instability;

Or. en

Amendment 222

Jussi Saramo

on behalf of The Left Group

Motion for a resolution

Paragraph 19 a (new)

Motion for a resolution

Amendment

19 a. Emphasises that the EU Treaties oblige the ECB to support the broader economic policies of the Union, provided that this does not prejudice the objective of price stability; recalls that the secondary mandate is equally legally binding as the price stability objective;

Or. en

Amendment 223

Angelika Winzig

Motion for a resolution

Paragraph 19 a (new)

Motion for a resolution

Amendment

19 a. Emphasises that a stable macroeconomic environment and predictable monetary policy are essential for private investment and long-term growth; calls on the ECB to communicate its policy path clearly to reduce uncertainty for investors and entrepreneurs;

Or. en

Amendment 224

Markus Ferber, Ralf Seekatz

Motion for a resolution

Paragraph 19 a (new)

Motion for a resolution

Amendment

19 a. Recalls that prudent fiscal policies by Member States complement the ECB’s efforts to keep inflation low; highlights that addressing excessive public deficit and debt levels is crucial to maintaining a stable economy and sustainable growth;

Or. en

Amendment 225

Marco Falcone, Fulvio Martusciello, Herbert Dorfmann

Motion for a resolution

Paragraph 19 b (new)

Motion for a resolution

Amendment

19b. Stresses that the promotion of a more integrated European capital market, along with the need to pinpoint new resources to finance strategic investments for Europe’s competitiveness, security and independence, calls for a joint commitment from the ECB, the Commission and the Member States towards a gradual sharing of sovereign risk and greater fiscal integration, in line with the principles of responsibility and solidarity laid down in the Treaties;

Or. it

Amendment 226

Rada Laykova

Motion for a resolution

Paragraph 19 b (new)

Motion for a resolution

Amendment

19 b. Highlights, in the context of the convergence criteria, and also in view of the eurozone´s newest member, the lack of parliamentary diligence in assessing the convergence report on Bulgaria's accession to the eurozone, given that, just a few months after the decision on Bulgaria's accession, the former finance minister of Bulgaria´s ruling party admits that the actual budget deficit this year is not 3%, but between 5 and 6 %, and is estimated to reach 8 % for 2026;

Or. en

Amendment 227

Marco Falcone, Fulvio Martusciello, Herbert Dorfmann

Motion for a resolution

Paragraph 20

Motion for a resolution

Amendment

20. Calls on the ECB to drastically diminish its role in sovereign debt markets; regrets the inhibitive impact of the fiscal position on the ECB’s fulfilment of its primary mandate;

deleted

Or. it

Amendment 228

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 20

Motion for a resolution

Amendment

20. Calls on the ECB to drastically diminish its role in sovereign debt markets; regrets the inhibitive impact of the fiscal position on the ECB’s fulfilment of its primary mandate;

deleted

Or. en

Amendment 229

Bas Eickhout

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 20

Motion for a resolution

Amendment

20. Calls on the ECB to drastically diminish its role in sovereign debt markets; regrets the inhibitive impact of the fiscal position on the ECB’s fulfilment of its primary mandate;

deleted

Or. en

Amendment 230

Carla Tavares, Thomas Bajada, Evelyn Regner, Jonás Fernández, César Luena, Aurore Lalucq, Lara Wolters

Motion for a resolution

Paragraph 20

Motion for a resolution

Amendment

20. Calls on the ECB to drastically diminish its role in sovereign debt markets; regrets the inhibitive impact of the fiscal position on the ECB’s fulfilment of its primary mandate;

deleted

Or. en

Amendment 231

Jussi Saramo

on behalf of The Left Group

Motion for a resolution

Paragraph 20

Motion for a resolution

Amendment

20. Calls on the ECB to drastically diminish its role in sovereign debt markets; regrets the inhibitive impact of the fiscal position on the ECB’s fulfilment of its primary mandate;

deleted

Or. en

Amendment 232

Vlad Vasile-Voiculescu

Motion for a resolution

Paragraph 20

Motion for a resolution

Amendment

20. Calls on the ECB to drastically diminish its role in sovereign debt markets; regrets the inhibitive impact of the fiscal position on the ECB’s fulfilment of its primary mandate;

20. Stresses that monetary policy should operate within a framework that enables long-term investment in productivity, innovation and digital transformation; calls on the ECB to explore how its refinancing operations and collateral policies can facilitate the scaling of strategic European technologies, while maintaining market neutrality and financial soundness;

Or. en

Amendment 233

Irene Tinagli

Motion for a resolution

Paragraph 20

Motion for a resolution

Amendment

20. Calls on the ECB to drastically diminish its role in sovereign debt markets; regrets the inhibitive impact of the fiscal position on the ECB’s fulfilment of its primary mandate;

20. Notes that the ECB’s interventions in sovereign debt markets have been essential to preserve the uniform transmission of monetary policy and to prevent financial fragmentation; calls on the ECB to ensure that such measures remain proportionate and fully consistent with its price stability mandate;

Or. en

Amendment 234

Auke Zijlstra

Motion for a resolution

Paragraph 20

Motion for a resolution

Amendment

20. Calls on the ECB to drastically diminish its role in sovereign debt markets; regrets the inhibitive impact of the fiscal position on the ECB’s fulfilment of its primary mandate;

20. Calls on the ECB to end its role in sovereign debt markets; regrets the inhibitive impact of the fiscal position on the ECB’s fulfilment of its primary mandate; regrets that the ECB’s persistent interventions in government bond markets blur the line between monetary and fiscal policy and create moral hazard for over-indebted Member States;

Or. en

Amendment 235

Engin Eroglu

Motion for a resolution

Paragraph 20

Motion for a resolution

Amendment

20. Calls on the ECB to drastically diminish its role in sovereign debt markets; regrets the inhibitive impact of the fiscal position on the ECB’s fulfilment of its primary mandate;

20. Calls on the ECB to phase out its government bond purchase programmes gradually and in a planned manner; regrets the inhibitive impact of the fiscal position on the ECB’s fulfilment of its primary mandate;

Or. de

Amendment 236

Auke Zijlstra

Motion for a resolution

Paragraph 20 a (new)

Motion for a resolution

Amendment

20 a. Underlines that the ECB should not assume an ever-expanding role in fiscal matters, especially in light of its increasing involvement in government debt purchases and policies;

Or. en

Amendment 237

Markus Ferber, Ralf Seekatz

Motion for a resolution

Paragraph 20 a (new)

Motion for a resolution

Amendment

20 a. Stresses that diverging interest rates in the euro area are generally the result of different risk premia on government bonds reflecting different approaches to fiscal policy;

Or. en

Amendment 238

Jonás Fernández

Motion for a resolution

Paragraph 21

Motion for a resolution

Amendment

21. Expresses concern about diverging TARGET2 balances as an unintended consequence of the ample reserve regime; notes that it is not the task of the ECB to finance capital outflows or persistent trade deficits;

deleted

Or. en

Amendment 239

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 21

Motion for a resolution

Amendment

deleted

Or. en

Amendment 240

Jussi Saramo

on behalf of The Left Group

Motion for a resolution

Paragraph 21

Motion for a resolution

Amendment

deleted

Or. en

Amendment 241

Engin Eroglu

Motion for a resolution

Paragraph 21

Motion for a resolution

Amendment

21. Expresses concern about the persistent and increasing divergences in TARGET2 balances, which, in addition to technical liquidity issues, point to structural current account differences and capital outflows between Member States; stresses that the Eurosystem’s sustained funding of such imbalances can create perverse economic incentives and risk a covert redistribution of risks between national central banks; calls on the ECB to systematically analyse the causes of these divergences and to examine reform options for the TARGET2 system;

Or. de

Amendment 242

Bas Eickhout

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 21

Motion for a resolution

Amendment

21. Notes that diverging TARGET2 balances are primarily a symptom of EU Financial markets fragmentation and secondarily an unintended consequence of the ample reserve regime; notes that the progressive phase-out of unconventional monetary policy will slowly and marginally contribute to reduce the TARGET2 imbalances; Recalls that diverging TARGET2 balances do not create any financial risk but can rather be an indicator of what is happening in the economy;

Or. en

Amendment 243

Auke Zijlstra

Motion for a resolution

Paragraph 21

Motion for a resolution

Amendment

21. Expresses deep concern about diverging TARGET2 balances as an unintended consequence of the ample reserve regime; notes that it is not the task of the ECB to finance capital outflows or persistent trade deficits; warns that such imbalances reveal deep structural flaws in the euro area architecture and highlight the risks inherent in a monetary union which is not an optimal currency area;

Or. en

Amendment 244

Vlad Vasile-Voiculescu

Motion for a resolution

Paragraph 21

Motion for a resolution

Amendment

21. Acknowledges the divergence in TARGET2 balances as an unintended consequence of the ample reserve regime; notes that diverging TARGET2 balances reflect persistent economic imbalances in the euro area; stresses the importance of structural reforms and appropriate economic policies to address these imbalances;

Or. en

Amendment 245

Irene Tinagli

Motion for a resolution

Paragraph 21

Motion for a resolution

Amendment

21. Notes that TARGET2 balances reflect cross-border payment flows within the Eurosystem rather than fiscal transfers or capital financing; notes that it is not the task of the ECB to finance capital outflows or persistent trade deficits;

Or. en

Amendment 246

Carla Tavares, Thomas Bajada, Evelyn Regner, Aurore Lalucq, Lara Wolters

Motion for a resolution

Paragraph 21

Motion for a resolution

Amendment

21. Notes that diverging TARGET2 balances have emerged as a technical consequence of the ample reserve regime and the Eurosystem’s decentralized payment settlement system;

Or. en

Amendment 247

Marco Falcone, Fulvio Martusciello, Herbert Dorfmann

Motion for a resolution

Paragraph 21 a (new)

Motion for a resolution

Amendment

21a. Calls on the ECB to support the completion of the Banking Union and Capital Markets Union as vital frameworks for enhancing financial stability, supporting economic growth and creating a more resilient financial system in the euro area;

Or. it

Amendment 248

Sirpa Pietikäinen

Motion for a resolution

Paragraph 21 a (new)

Motion for a resolution

Amendment

21 a. Notes the role of the ECB and the ESCB in answering Europe’s acute and upcoming challenges;

Or. en

Amendment 249

Sirpa Pietikäinen

Motion for a resolution

Paragraph 21 b (new)

Motion for a resolution

Amendment

21 b. Invites the ECB, while respecting its independence, to address market failures and ensure the efficient allocation of resources over a long-term horizon, while remaining as apolitical as possible, respecting market neutrality in several instances; highlights that such decisions must not be made at the expense of achieving the ECB’s primary objective;

Or. en

Amendment 250

Marco Falcone, Fulvio Martusciello

Motion for a resolution

Paragraph 21 b (new)

Motion for a resolution

Amendment

21b. Encourages the ECB to take all the necessary steps to enable cross-border bank mergers which, while also ensuring financial stability, help towards the integration of the European banking market;

Or. it

Amendment 251

Sirpa Pietikäinen

Motion for a resolution

Paragraph 22

Motion for a resolution

Amendment

22. Underlines the political nature of addressing climate change and protecting the environment;

deleted

Or. en

Amendment 252

Vlad Vasile-Voiculescu

Motion for a resolution

Paragraph 22

Motion for a resolution

Amendment

22. Underlines the political nature of addressing climate change and protecting the environment;

22. Underlines that climate change impacts price and financial stability; welcomes ECB's efforts to integrate climate-related and energy-dependency risks into its monetary operations, collateral framework, and portfolio management, in line with the Union’s objectives for decarbonisation, competitiveness and strategic autonomy; encourages the ECB to continue strengthening its analytical capacity to assess the macroeconomic and financial-stability implications of climate and energy shocks, while maintaining a clear, data-driven and market-neutral approach;

Or. en

Amendment 253

Anouk Van Brug, Engin Eroglu

Motion for a resolution

Paragraph 22

Motion for a resolution

Amendment

22. Underlines the political nature of addressing climate change and protecting the environment;

22. Underlines the political nature of addressing climate change and protecting the environment; agrees with President Lagarde that addressing climate change is primarily the responsibility of European governments and that the ECB can first and foremost support EU climate policies by ensuring price stability, thereby fostering a stable macroeconomic environment that stimulates green investments1a;

_________________

1a https://www.bis.org/review/r231204d.pdf

Or. en

Amendment 254

Engin Eroglu

Motion for a resolution

Paragraph 22

Motion for a resolution

Amendment

22. Underlines the political nature of addressing climate change and protecting the environment;

22. Points out that the fight against climate change and protecting the environment are of great political importance, but that these tasks fall primarily within the remit of democratically legitimised political institutions; stresses that, in pursuing its mandate, the ECB must maintain political neutrality and focus on its primary objective of price stability;

Or. de

Amendment 255

Carla Tavares, Thomas Bajada, Evelyn Regner, Jonás Fernández, César Luena, Aurore Lalucq, Lara Wolters

Motion for a resolution

Paragraph 22

Motion for a resolution

Amendment

22. Underlines the political nature of addressing climate change and protecting the environment;

22. Notes the extensive scientific evidence on the impact of climate change and extreme weather events on price stability; highlights the disinflationary effects of certain energy transition investments; calls on the ECB to continue to assess the impact of climate change-related natural disasters in the EU, such as fires, floods, and energy blackouts, on the price stability of the affected Member States;

Or. en

Amendment 256

Irene Tinagli

Motion for a resolution

Paragraph 22

Motion for a resolution

Amendment

22. Underlines the political nature of addressing climate change and protecting the environment;

22. Recognises that the economic and financial implications of climate change directly affect the ECB’s capacity to maintain price and financial stability; supports the ECB’s efforts to integrate climate-related risks into its analytical and operational framework in line with its mandate;

Or. en

Amendment 257

Bas Eickhout

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 22

Motion for a resolution

Amendment

22. Underlines the political nature of addressing climate change and protecting the environment;

22. Acknowledges the overwhelming evidence of the impact of the climate crisis on price and financial stability; notes that fostering the deployment of renewable energies would have deflationary pressure; calls on the ECB to adapt its monetary policy framework to the climate emergency;

Or. en

Amendment 258

Gilles Boyer, Stéphanie Yon-Courtin, Ľudovít Ódor, Vlad Vasile-Voiculescu

Motion for a resolution

Paragraph 22

Motion for a resolution

Amendment

22. Underlines the political nature of addressing climate change and protecting the environment;

22. Underlines the need to address climate change and protect the environment; calls on the ECB to continue its essential work on climate risk stress tests developed to assess the resilience of banks and corporations in the face of climate transition risk;

Or. en

Amendment 259

Gerben-Jan Gerbrandy

Motion for a resolution

Paragraph 22

Motion for a resolution

Amendment

22. Underlines the political nature of addressing climate change and protecting the environment;

22. Underlines the evidence-based existence of climate and weather-related risks and their impact on inflation and price stability; acknowledges the role of the ECB in adjusting its analytical and risk management framework accordingly;

Or. en

Amendment 260

Jussi Saramo

on behalf of The Left Group

Motion for a resolution

Paragraph 22

Motion for a resolution

Amendment

22. Underlines the political nature of addressing climate change and protecting the environment;

22. Underlines that climate change and nature degradation impact price and financial stability; recalls that protecting and improving the environment is one of the Union’s general economic objectives;

Or. en

Amendment 261

Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 22

Motion for a resolution

Amendment

22. Underlines the political nature of addressing climate change and protecting the environment;

22. Underlines the political nature of addressing climate change and protecting the environment; recalls that the ECB should not take measures that harm the competitiveness of the euro area in the name of global green policies, since the ECB has a mandate to ensure price stability and should not jeopardise it with secondary objectives; reiterates that green policies should be managed by other actors in the EU, and ECB decisions should not interfere with competitiveness, economic growth and market efficiency; calls for competitiveness to be protected in order to ensure a prosperous and free economic environment;

Or. es

Amendment 262

Markus Ferber, Ralf Seekatz

Motion for a resolution

Paragraph 22

Motion for a resolution

Amendment

22. Underlines the political nature of addressing climate change and protecting the environment;

22. Underlines the political nature of addressing climate change and protecting the environment; highlights that environmental policy objectives should not be implemented by monetary policy tools;

Or. en

Amendment 263

Auke Zijlstra

Motion for a resolution

Paragraph 22

Motion for a resolution

Amendment

22. Underlines the political nature of addressing climate change and protecting the environment;

22. Underlines the political nature of addressing climate change and protecting the environment; stresses that the ECB should refrain from integrating climate considerations into its monetary policy, as this represents an overreach beyond its mandate and risks distorting capital allocation;

Or. en

Amendment 264

Dirk Gotink

Motion for a resolution

Paragraph 22

Motion for a resolution

Amendment

22. Underlines the political nature of addressing climate change and protecting the environment;

22. Underlines that the ECB should consider the effects of climate change only from an economic and price stability perspective and within its mandate;

Or. en

Amendment 265

Markus Ferber, Ralf Seekatz

Motion for a resolution

Paragraph 22 a (new)

Motion for a resolution

Amendment

22 a. Insists that the ECB respect the market neutrality principle in all of its monetary operations at all times; regrets that the ECB’s actions to decarbonise its corporate bond holdings have not followed a market neutral approach by its very definition;

Or. en

Amendment 266

Auke Zijlstra

Motion for a resolution

Paragraph 22 a (new)

Motion for a resolution

Amendment

22 a. Argues that ECB measures intended to promote climate-related or social objectives could undermine market efficiency and the neutrality of monetary policy, leading to speculative bubbles, especially on "green" markets;

Or. en

Amendment 267

Angelika Winzig

Motion for a resolution

Paragraph 22 a (new)

Motion for a resolution

Amendment

22 a. Highlights the need to promote diversified and competitive financing sources for SMEs within the Capital Markets Union;

Or. en

Amendment 268

Gerben-Jan Gerbrandy

Motion for a resolution

Paragraph 23

Motion for a resolution

Amendment

23. Notes that the ECB’s monetary policies aimed at delivering its primary mandate are subject to a proportionality assessment;

23. Notes that the ECB’s monetary policies aimed at delivering its primary and secondary mandate are subject to a proportionality assessment; notes with concerns the negative impact of monetary tightening on certain strategic investments; invites the ECB to assess the impact of interest rate changes on different economic sectors, among them capital-intensive and interest rate sensitive firms; further invites the ECB to analyse the inflationary or disinflationary impact of investments in strategic technologies;

Or. en

Amendment 269

Carla Tavares, Thomas Bajada, Evelyn Regner, César Luena, Aurore Lalucq, Lara Wolters

Motion for a resolution

Paragraph 23

Motion for a resolution

Amendment

23. Notes that the ECB’s monetary policies aimed at delivering its primary mandate are subject to a proportionality assessment;

23. Notes that the ECB’s monetary policies aimed at delivering its primary mandate are subject to a proportionality assessment; underlines that proportionality assessments should reflect climate and nature-related financial risks and emphasizes that while pursuing its primary mandate of price stability, the ECB must ensure these efforts do not systematically conflict with key EU strategic priorities, such as energy security and decarbonization;

Or. en

Amendment 270

Bas Eickhout

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 23

Motion for a resolution

Amendment

23. Notes that the ECB’s monetary policies aimed at delivering its primary mandate are subject to a proportionality assessment;

23. Notes that the ECB’s monetary policies aimed at delivering its primary mandate are subject to a proportionality assessment; stresses that the ECB must pursue its primary mandate in a way that does not hamper the achievement of EU’s strategic priorities, including energy security and carbon neutrality;

Or. en

Amendment 271

Angelika Winzig

Motion for a resolution

Paragraph 23

Motion for a resolution

Amendment

23. Notes that the ECB’s monetary policies aimed at delivering its primary mandate are subject to a proportionality assessment;

23. Notes that the ECB’s monetary policies aimed at delivering its primary mandate are subject to a proportionality assessment; insists that the ECB always ensures the market neutrality principle in all of its monetary operations;

Or. en

Amendment 272

Carla Tavares, Thomas Bajada, Evelyn Regner, Aurore Lalucq, Lara Wolters

Motion for a resolution

Paragraph 23 a (new)

Motion for a resolution

Amendment

23 a. Highlights that investments to strengthen the EU’s strategic autonomy are essential in shielding the Union from external shocks and mitigating supply-side risks to price stability; emphasizes the vital role of small and medium-sized enterprises (SMEs) in driving economic and social convergence, employment, and the successful implementation of the digital and climate transitions;

Or. en

Amendment 273

Anouk Van Brug, Engin Eroglu

Motion for a resolution

Paragraph 23 a (new)

Motion for a resolution

Amendment

23 a. Insists that the ECB respect the market neutrality principle in all of its monetary operations;

Or. en

Amendment 274

Carla Tavares, Thomas Bajada, Evelyn Regner, Aurore Lalucq, Lara Wolters

Motion for a resolution

Paragraph 23 b (new)

Motion for a resolution

Amendment

23 b. Recalls for the important role of ECB in supporting the implementation of the European Pillar of Social Rights;

Or. en

Amendment 275

Bas Eickhout

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 23 a (new)

Motion for a resolution

Amendment

23 a. Highlights that the EU payment landscape is dominated by third-country providers; notes the fast development of stablecoins, in particular of stablecoins backed by US dollars; calls on the ECB to thoroughly assess the risks that this development could entail for the EU monetary sovereignty;

Or. en

Amendment 276

Bas Eickhout

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 24

Motion for a resolution

Amendment

24. Takes note of the ongoing discussions on the digital euro for both retail and wholesale purposes; stresses the importance of the role of cash;

24. Welcomes the ongoing discussions on the digital euro for both retail and wholesale purposes and the ECB progress and readiness to move to the next phase; calls on co-legislators to swiftly reach an agreement; stresses the importance of the role of cash and notes that the legal tender proposal aims at safeguarding the role of cash by ensuring that it remains widely accepted as a means of payment and easily accessible to people; stresses that a digital euro could contribute to support the international role of the euro;

Or. en

Amendment 277

Vlad Vasile-Voiculescu, Gilles Boyer, Stéphanie Yon-Courtin

Motion for a resolution

Paragraph 24

Motion for a resolution

Amendment

24. Takes note of the ongoing discussions on the digital euro for both retail and wholesale purposes; stresses the importance of the role of cash;

24. Takes note of the ongoing discussions on the digital euro for both retail and wholesale purposes; underlines that both cash and digital euro must coexist to ensure inclusion, privacy, and universal access; appreciates the ECB’s proactive stance and communication on the digital euro project and encourages continued dialogue with citizens, stakeholders and legislators to strengthen trust and understanding of its potential benefits and implications;

Or. en

Amendment 278

Carla Tavares, Thomas Bajada, Evelyn Regner, Jonás Fernández, César Luena, Aurore Lalucq, Lara Wolters

Motion for a resolution

Paragraph 24

Motion for a resolution

Amendment

24. Takes note of the ongoing discussions on the digital euro for both retail and wholesale purposes; stresses the importance of the role of cash;

24. Takes note of the ongoing discussions on the digital euro for both retail and wholesale purposes; stresses the importance of the role of cash; notes the EP’s proactive efforts to reach a common position on the digital euro by early 2026, reflecting a shared commitment to advancing the project. Welcomes the ECB Governing Council's decision to move to the next phase of the digital euro project;

Or. en

Amendment 279

Jussi Saramo

on behalf of The Left Group

Motion for a resolution

Paragraph 24

Motion for a resolution

Amendment

24. Takes note of the ongoing discussions on the digital euro for both retail and wholesale purposes; stresses the importance of the role of cash;

24. Welcomes the ongoing discussions on the digital euro for both retail and wholesale purposes; emphasises that the digital euro could enhance financial inclusion, strengthen the position of European merchants vis-à-vis payment service providers, and improve strategic autonomy and resilience in Europe; stresses the importance of preserving the role of cash;

Or. en

Amendment 280

Auke Zijlstra

Motion for a resolution

Paragraph 24

Motion for a resolution

Amendment

24. Takes note of the ongoing discussions on the digital euro for both retail and wholesale purposes; stresses the importance of the role of cash;

24. Takes note of the ongoing discussions on the digital euro for both retail and wholesale purposes; strongly opposes any introduction of a central bank digital currency that could undermine financial privacy, reduce the role of private banks, or increase state control over citizens’ financial transactions; stresses the importance of the role of cash;

Or. en

Amendment 281

Thomas Bajada

Motion for a resolution

Paragraph 24

Motion for a resolution

Amendment

24. Takes note of the ongoing discussions on the digital euro for both retail and wholesale purposes; stresses the importance of the role of cash;

24. Takes note of the ongoing discussions on the digital euro for both retail and wholesale purposes with the aim of preserving Europe’s strategic autonomy and monetary sovereignty by reducing the EU’s dependence on non-European payment service providers; stresses the importance of preserving the role of cash;

Or. en

Amendment 282

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 24

Motion for a resolution

Amendment

24. Takes note of the ongoing discussions on the digital euro for both retail and wholesale purposes; stresses the importance of the role of cash;

24. Takes note of the ongoing discussions on the digital euro for both retail and wholesale purposes; stresses the importance of the role of cash; recalls the ECB’s market neutrality stance in financial markets, ensuring fair competition and fostering innovation by the private sector;

Or. en

Amendment 283

Angelika Winzig

Motion for a resolution

Paragraph 24

Motion for a resolution

Amendment

24. Takes note of the ongoing discussions on the digital euro for both retail and wholesale purposes; stresses the importance of the role of cash;

24. Takes note of the ongoing discussions on the digital euro for both retail and wholesale purposes; stresses the importance of the role of cash; calls for a cautious and transparent approach that safeguards privacy and financial stability;

Or. en

Amendment 284

Markus Ferber, Ralf Seekatz

Motion for a resolution

Paragraph 24

Motion for a resolution

Amendment

24. Takes note of the ongoing discussions on the digital euro for both retail and wholesale purposes; stresses the importance of the role of cash;

24. Takes note of the ongoing discussions on the digital euro for both retail and wholesale purposes; welcomes the ECB's ongoing dialogue with Parliament; stresses the importance of maintaining the role of cash;

Or. en

Amendment 285

Gilles Boyer, Stéphanie Yon-Courtin, Ľudovít Ódor

Motion for a resolution

Paragraph 24

Motion for a resolution

Amendment

24. Takes note of the ongoing discussions on the digital euro for both retail and wholesale purposes; stresses the importance of the role of cash;

24. Welcomes the ECB’s ongoing work preparing for the creation of the digital euro for both retail and wholesale purposes;

Or. en

Amendment 286

Carla Tavares, Thomas Bajada, Evelyn Regner, Jonás Fernández, César Luena, Aurore Lalucq, Lara Wolters

Motion for a resolution

Paragraph 24 a (new)

Motion for a resolution

Amendment

24 a. Calls on the ECB to address public expectations and concerns regarding the digital euro, including privacy, security, usability, affordability, and accessibility. Emphasizes the need for robust safeguards to protect user data and ensure financial stability while fostering wide acceptance and inclusivity;

Or. en

Amendment 287

Markus Ferber, Ralf Seekatz

Motion for a resolution

Paragraph 24 a (new)

Motion for a resolution

Amendment

24 a. Considers that the digital euro will only become a success story if it provides tangible added value for European citizens, that European citizens can understand; notes that, currently many European citizens either have not heard about the digital euro project or remain sceptical;

Or. en

Amendment 288

Fabio De Masi

Motion for a resolution

Paragraph 24 a (new)

Motion for a resolution

Amendment

24 a. Suggests that the ECB should take into account the economic benefits derived from Brazil's public digital payment system, PIX, particularly with regard to reducing transaction costs and dependency on US payment providers.

Or. en

Amendment 289

Marco Falcone, Fulvio Martusciello, Herbert Dorfmann

Motion for a resolution

Paragraph 24 a (new)

Motion for a resolution

Amendment

24a. Reiterates that any decision on the digital euro pertains to the political sphere; stresses the fundamental role of the European Parliament in all general and in-depth deliberations on such a decision;

Or. it

Amendment 290

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 24 a (new)

Motion for a resolution

Amendment

24 a. Encourages the ECB to speed up the deployment of a wholesale Central Bank Digital Currency to increase the efficiency of cross-border payments and innovation in global financial markets;

Or. en

Amendment 291

Gilles Boyer, Stéphanie Yon-Courtin, Ľudovít Ódor

Motion for a resolution

Paragraph 24 a (new)

Motion for a resolution

Amendment

24 a. Welcomes the ongoing short-term track (Pontes) and long-term track (Appia) DLT projects for wholesale central bank money settlement;

Or. en

Amendment 292

Carla Tavares, Thomas Bajada, Evelyn Regner, Jonás Fernández, César Luena, Aurore Lalucq, Lara Wolters

Motion for a resolution

Paragraph 24 b (new)

Motion for a resolution

Amendment

24 b. Calls on the ECB to intensify monitoring of cryptocurrencies, addressing risks related to cybersecurity, money laundering, terrorism financing, and other illicit activities linked to the anonymity features of crypto-assets; highlights the importance of integrating these efforts within the broader EU regulatory framework, to ensure effective oversight and safeguard financial stability;

Or. en

Amendment 293

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 24 b (new)

Motion for a resolution

Amendment

24 b. Demands that any decision to launch the digital euro should not be taken exclusively by the Governing Council of the ECB; stresses that this should be a consensual decision by the Commission, the European Parliament and the Council, given the profound potential of this decision on financial policy, going beyond the strict scope of monetary policy;

Or. en

Amendment 294

Gilles Boyer, Stéphanie Yon-Courtin, Ľudovít Ódor

Motion for a resolution

Paragraph 24 b (new)

Motion for a resolution

Amendment

24 b. Underlines the importance of the digital euro and the need for an ambitious legislative framework which delivers a public, sovereign, pan-European digital payment solution; stresses that the long-term viability of European actors in the payment industry must be fully taken into account in the economic model of the digital euro;

Or. en

Amendment 295

Marco Falcone, Fulvio Martusciello, Herbert Dorfmann

Motion for a resolution

Paragraph 24 b (new)

Motion for a resolution

Amendment

24b. Stresses that the introduction of the digital euro will serve to complement physical cash, with this being maintained in order to ensure a plurality of means of payment, which provides the best guarantee of financial inclusion;

Or. it

Amendment 296

Markus Ferber, Ralf Seekatz

Motion for a resolution

Paragraph 24 b (new)

Motion for a resolution

Amendment

24 b. Considers that the decision whether or not to introduce a digital euro is ultimately a political decision that has to be taken by the Union legislator;

Or. en

Amendment 297

Marco Falcone, Fulvio Martusciello

Motion for a resolution

Paragraph 24 c (new)

Motion for a resolution

Amendment

24c. Stresses that appropriate deposit limits are vital for promoting the digital euro and at the same time for limiting transaction volumes to within preset timeframes and absolute values; stresses the importance of the digital euro not increasing the risk of bank disintermediation;

Or. it

Amendment 298

Carla Tavares, Thomas Bajada, Evelyn Regner, Jonás Fernández, César Luena, Aurore Lalucq

Motion for a resolution

Paragraph 24 c (new)

Motion for a resolution

Amendment

24 c. Welcomes the Republic of Bulgaria as the 21st member of the euro area, effective 1 January 2026; calls on the ECB to promote the benefits of euro adoption as an incentive for other non-euro EU Member States to accelerate their efforts towards future accession;

Or. en

Amendment 299

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 24 c (new)

Motion for a resolution

Amendment

24 c. The digital euro establishment and issuance strategy should not hinder the incentives for Europe's private sector initiatives to provide innovative and competitive pan-European digital payment solutions as soon as possible to increase payment sovereignty;

Or. en

Amendment 300

Markus Ferber, Ralf Seekatz

Motion for a resolution

Paragraph 24 c (new)

Motion for a resolution

Amendment

24 c. Reiterates that the digital euro should serve as a complement to physical cash, that it should not replace cash entirely and that cash should remain available at all times; in that context, welcomes the proposal for a Regulation on legal tender of euro cash;

Or. en

Amendment 301

Gilles Boyer, Stéphanie Yon-Courtin, Ľudovít Ódor

Motion for a resolution

Paragraph 24 c (new)

Motion for a resolution

Amendment

24 c. Stresses the importance of the role of cash and underlines the Commission’s “Single Currency Package", which includes a proposal on the legal tender of euro cash, illustrating the co-legislators’ and the ECB’s commitment to the future of cash;

Or. en

Amendment 302

Bas Eickhout

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 25

Motion for a resolution

Amendment

25. Supports the ECB in its efforts to accommodate the international role of the euro through, inter alia, sufficient currency swap and repo lines;

25. Notes the US administration proactive approach in supporting the development of stablecoins, which are overwhelmingly denominated in US dollar; considers that this development might contribute to maintain the dollar dominance; supports the ECB in its efforts to develop the international role of the euro through, inter alia, sufficient currency swap and repo lines; highlights that a deeper integration of EU capital markets, an ample supply of EU safe assets and a greater integration of euro area representation in the IMF are a prerequisite to the strengthening of the international role of the euro;

Or. en

Amendment 303

Dirk Gotink

Motion for a resolution

Paragraph 25

Motion for a resolution

Amendment

25. Supports the ECB in its efforts to accommodate the international role of the euro through, inter alia, sufficient currency swap and repo lines;

25. Supports the ECB in its efforts to accommodate the international role of the euro through, inter alia, sufficient currency swap and repo lines; stresses that the ECB should also take into account potential drawbacks of having a stronger international role of the euro and the role of global reserve currency, including potential overvaluation;

Or. en

Amendment 304

Auke Zijlstra

Motion for a resolution

Paragraph 25

Motion for a resolution

Amendment

25. Supports the ECB in its efforts to accommodate the international role of the euro through, inter alia, sufficient currency swap and repo lines;

25. Understands the rationale between the ECB's efforts to accommodate the international role of the euro through, inter alia, sufficient currency swap and repo lines; however, calls for caution in pursuing an expanded internationalisation strategy that could expose the euro to volatility and weaken its internal purchasing power;

Or. en

Amendment 305

Gilles Boyer, Stéphanie Yon-Courtin, Ľudovít Ódor, Vlad Vasile-Voiculescu

Motion for a resolution

Paragraph 25

Motion for a resolution

Amendment

25. Supports the ECB in its efforts to accommodate the international role of the euro through, inter alia, sufficient currency swap and repo lines;

25. Supports the ECB in its efforts to strengthen the international role of the euro through, inter alia, sufficient currency swap and repo lines; welcomes the ECB’s strong commitment to increasing the international role of the Euro, for example through the establishment of SIU and completing the Single Market;

Or. en

Amendment 306

Jussi Saramo

on behalf of The Left Group

Motion for a resolution

Paragraph 25

Motion for a resolution

Amendment

25. Supports the ECB in its efforts to accommodate the international role of the euro through, inter alia, sufficient currency swap and repo lines;

25. Supports the ECB in its efforts to strengthen the international role of the euro through, inter alia, sufficient currency swap and repo lines;

Or. en

Amendment 307

Vlad Vasile-Voiculescu, Gilles Boyer, Stéphanie Yon-Courtin

Motion for a resolution

Paragraph 25

Motion for a resolution

Amendment

25. Supports the ECB in its efforts to accommodate the international role of the euro through, inter alia, sufficient currency swap and repo lines;

25. Supports the ECB in its efforts to strengthen the international role of the euro through, inter alia, sufficient currency swap and repo lines;

Or. en

Amendment 308

Rada Laykova

Motion for a resolution

Paragraph 25 a (new)

Motion for a resolution

Amendment

25 a. Points at ongoing worldwide geopolitical and monetary realignment with potentially serious implications for the international demand of Dollars and Euros and highlights that the USA will look for increased means to safeguard the Dollar by increasing its demand via various means, also at the expanse of the Euro; notes the increasingly offensive trade strategy of the US to export goods, including military equipment, to the eurozone;

Or. en

Amendment 309

Markus Ferber, Ralf Seekatz

Motion for a resolution

Paragraph 25 a (new)

Motion for a resolution

Amendment

25 a. Expresses concern about the temporary outage of the ECB’s real-time gross settlement system T2 and T2S that had in February 2025; welcomes the commitment by the ECB President to investigate the incident together with the responsible national central banks together with private partners1a; looks forward to receiving the report of that investigation;

_________________

1a cf. statements made by the ECB President during the Monetary Dialogue of 20-03-2025.

Or. en

Amendment 310

Carla Tavares, Thomas Bajada, Evelyn Regner, Lara Wolters

Motion for a resolution

Paragraph 25 a (new)

Motion for a resolution

Amendment

25 a. Supports President Lagarde’s view that, amid current international challenges, there is a unique opportunity to strengthen the euro’s role as a ‘global anchor of trust.’; agrees that this requires the EU to undertake bold reforms, including accelerating economic integration, completing the Single Market and Banking Union, and pursuing new trade agreements

Or. en

Amendment 311

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 25 a (new)

Motion for a resolution

Amendment

25 a. Is of the opinion that efforts to create a macroeconomic stabilisation mechanism and an adequate supply of a European safe asset are relevant for strengthening the role of the euro as an international currency;

Or. en

Amendment 312

Carla Tavares, Thomas Bajada, Evelyn Regner, Jonás Fernández, César Luena, Aurore Lalucq, Lara Wolters

Motion for a resolution

Paragraph 25 b (new)

Motion for a resolution

Amendment

25 b. Calls on the ECB to continue to explore ways to strengthen the international role of the euro; notes that enhancing the euro's attractiveness as a reserve and global currency will increase its worldwide appeal; stresses that the creation of well-designed European safe assets can support financial integration and mitigate negative feedback loops between sovereigns and domestic banking sectors; underlines that strengthening the euro’s role requires deepening and completing the Economic and Monetary Union alongside a reinforced Savings and Investments Union;

Or. en

Amendment 313

Carla Tavares, Thomas Bajada, Evelyn Regner, Jonás Fernández, César Luena, Aurore Lalucq, Lara Wolters

Motion for a resolution

Paragraph 25 c (new)

Motion for a resolution

Amendment

25 c. Calls on the ECB to include in its Annual Report an analysis of stablecoins, focusing on their impact on monetary sovereignty, financial stability, and payment systems; the analysis should address regulatory gaps such as the MiCA multi-issuance loophole and assess the effectiveness of equivalence frameworks and cross-border safeguards; it should also highlight the importance of promoting euro-denominated digital settlement solutions to reduce dependence on non-EU payment infrastructures;

Or. en

Amendment 314

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 26

Motion for a resolution

Amendment

26. Expresses its concern at the consecutive losses made by the ECB in 2023 and 2024 due to interest rate risk;

deleted

Or. en

Amendment 315

Jussi Saramo

on behalf of The Left Group

Motion for a resolution

Paragraph 26

Motion for a resolution

Amendment

26. Expresses its concern at the consecutive losses made by the ECB in 2023 and 2024 due to interest rate risk;

deleted

Or. en

Amendment 316

Bas Eickhout

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 26

Motion for a resolution

Amendment

26. Expresses its concern at the consecutive losses made by the ECB in 2023 and 2024 due to interest rate risk;

26. Notes that the consecutive losses made by the ECB in 2023 and 2024 are due to interest rate risk; acknowledges that these losses largely result from high interest paid on reserves which exceeded the interest income received from assets, notably government bonds; regrets that these losses have primarily benefitted to commercial banks without conditionality; recalls that historical examples show that central banks losses are not unusual and that these losses have no impact on how the ECB operates its monetary policy; considers that ECB losses are not intrinsically negative if they are necessary to fulfil its primary and secondary mandates; calls on the ECB to increase transparency regarding the origin of its losses, including through regular reporting to the European Parliament;

Or. en

Amendment 317

Angelika Winzig

Motion for a resolution

Paragraph 26

Motion for a resolution

Amendment

26. Expresses its concern at the consecutive losses made by the ECB in 2023 and 2024 due to interest rate risk;

26. Expresses its concern at the consecutive losses made by the ECB in 2023 and 2024 due to interest rate risk; calls on the ECB to ensure that any future losses are transparently explained and do not undermine public trust in the Eurosystem; stresses that strong capital buffers are crucial for the ECB’s credibility and operational independence;

Or. en

Amendment 318

Carla Tavares, Thomas Bajada, Evelyn Regner, Jonás Fernández, César Luena, Aurore Lalucq, Lara Wolters

Motion for a resolution

Paragraph 26

Motion for a resolution

Amendment

26. Expresses its concern at the consecutive losses made by the ECB in 2023 and 2024 due to interest rate risk;

26. Expresses its concern at the consecutive losses made by the ECB in 2023 and 2024 due to interest rate risk; notes that these losses have not compromised the operational capacity of the Eurosystem to implement its monetary policy; furthermore, it observes that such losses have had no discernible effect on inflation expectations.

Or. en

Amendment 319

Auke Zijlstra

Motion for a resolution

Paragraph 26

Motion for a resolution

Amendment

26. Expresses its concern at the consecutive losses made by the ECB in 2023 and 2024 due to interest rate risk;

26. Expresses its deep concern at the consecutive losses made by the ECB in 2023 and 2024 due to interest rate risk; notes that these losses are a direct consequence of years of excessive balance sheet expansion and mispriced asset purchases;

Or. en

Amendment 320

Irene Tinagli

Motion for a resolution

Paragraph 26 a (new)

Motion for a resolution

Amendment

26 a. Notes that the Transmission Protection Instrument (TPI) remains an important element of the ECB’s crisis toolkit but that its activation criteria, scale and conditionality are not publicly specified; calls on the ECB to enhance transparency on the operational framework of the TPI to ensure credibility and consistency with the principle of proportionality;

Or. en

Amendment 321

Marco Falcone, Fulvio Martusciello, Herbert Dorfmann

Motion for a resolution

Paragraph 26 a (new)

Motion for a resolution

Amendment

26a. Notes the establishment of the transmission protection instrument (TPI) in July 2022; calls on the ECB to use the asset purchase regime, where necessary, as part of a broader programme designed to ensure monetary stability cohesion throughout the euro area;

Or. it

Amendment 322

Auke Zijlstra

Motion for a resolution

Paragraph 26 a (new)

Motion for a resolution

Amendment

26 a. Calls on the ECB to take responsibility for the financial consequences of its past ultra-loose monetary policies and to adopt a more prudent, rule-based approach in the future;

Or. en

Amendment 323

Auke Zijlstra

Motion for a resolution

Paragraph 27

Motion for a resolution

Amendment

27. Supports the ECB’s role in promoting financial stability within the single supervisory mechanism and the ECB’s function as lender of last resort to solvent institutions, against good collateral and at penalty rates, to safeguard liquidity and trust during crises;

27. Supports the ECB’s role in promoting financial stability within the single supervisory mechanism, but stresses that any market interventions should occur only in genuine crises which occur in several core Member States at the same time, against good collateral and at sufficiently high penalty rates, to avoid moral hazard and to maintain market discipline;

Or. en

Amendment 324

Jussi Saramo

on behalf of The Left Group

Motion for a resolution

Paragraph 27

Motion for a resolution

Amendment

27. Supports the ECB’s role in promoting financial stability within the single supervisory mechanism and the ECB’s function as lender of last resort, safeguarding liquidity and trust during crises;

Or. en

Amendment 325

Irene Tinagli

Motion for a resolution

Paragraph 27 a (new)

Motion for a resolution

Amendment

27 a. Notes that the ECB’s 2025 strategy reaffirmed the need for regular reassessment of the monetary policy framework, with the next comprehensive review scheduled for 2030; encourages the ECB to maintain a structured dialogue with the European Parliament throughout this process to ensure accountability and mutual understanding;

Or. en

Amendment 326

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 27 a (new)

Motion for a resolution

Amendment

27 a. Welcomes the ECB’s support for the completion of the Banking Union; encourages the ECB to take all necessary steps to enable cross-border bank mergers that, while ensuring financial stability, help the integration of the European banking market;

Or. en

Amendment 327

Bas Eickhout

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 27 a (new)

Motion for a resolution

Amendment

27 a. Recalls that the establishment of fully-fledged European Deposit Insurance Scheme (EDIS) is a prerequisite for completing the Banking Union and the Economic Monetary Union;

Or. en

Amendment 328

Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 27 a (new)

Motion for a resolution

Amendment

27a. Reiterates that ECB appointments must be based solely on merit and ability;

Or. es

Amendment 329

Jussi Saramo

on behalf of The Left Group

Motion for a resolution

Paragraph 28

Motion for a resolution

Amendment

28. Points to the need for a high degree of ambition in the work and the follow-up of the ECB High-Level Task Force on Simplification;

28. Takes note of the ECB High-Level Task Force on Simplification; emphasizes that simplification should not lead to deregulation and threaten financial stability through the accumulation of unaccounted-for risks;

Or. en

Amendment 330

Markus Ferber, Ralf Seekatz

Motion for a resolution

Paragraph 28

Motion for a resolution

Amendment

28. Points to the need for a high degree of ambition in the work and the follow-up of the ECB High-Level Task Force on Simplification;

28. Welcomes the setup of the ECB High-Level Task Force on Simplification, looking inter alia into simplifying the regulatory framework, including capital structure and Basel III implementation and streamlining reporting and supervisory processes to eliminate overlaps and inefficiencies; points to the need for a high degree of ambition in the work and the follow-up of the Task Force's work;

Or. en

Amendment 331

Bas Eickhout

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 28

Motion for a resolution

Amendment

28. Points to the need for a high degree of ambition in the work and the follow-up of the ECB High-Level Task Force on Simplification;

28. Takes notes of the ECB High-Level Task Force on Simplification; stresses that simplification should not come at the expense of the ECB’s ability to act upon its obligations; welcomes the conclusion of the ECB working paper on “Capital requirements: a pillar or a burden for bank competitiveness?” that strong capital ratios are an element of banks’ competitiveness;

Or. en

Amendment 332

Carla Tavares, Thomas Bajada, Evelyn Regner, Jonás Fernández, César Luena, Aurore Lalucq, Lara Wolters

Motion for a resolution

Paragraph 28

Motion for a resolution

Amendment

28. Points to the need for a high degree of ambition in the work and the follow-up of the ECB High-Level Task Force on Simplification;

28. Points to the need for a high degree of ambition in the work and the follow-up of the ECB High-Level Task Force on Simplification; calls for ambitious yet non-deregulatory simplification that enhances the clarity and effectiveness of rules without lowering prudential standards, especially in light of growing linkages with non-bank financial institutions;

Or. en

Amendment 333

Gilles Boyer, Stéphanie Yon-Courtin, Ľudovít Ódor, Vlad Vasile-Voiculescu

Motion for a resolution

Paragraph 28

Motion for a resolution

Amendment

28. Points to the need for a high degree of ambition in the work and the follow-up of the ECB High-Level Task Force on Simplification;

28. Welcomes the ECB’s commitment to simplification efforts with the creation of the ECB High-Level Task Force on Simplification, points to the need for a high degree of ambition in the work to deliver concrete results; welcomes the ECB’s in-depth discussions with the Parliament about the work of the Task Force;

Or. en

Amendment 334

Auke Zijlstra

Motion for a resolution

Paragraph 28

Motion for a resolution

Amendment

28. Points to the need for a high degree of ambition in the work and the follow-up of the ECB High-Level Task Force on Simplification;

28. Points to the need for a high degree of ambition in the work and the follow-up of the ECB High-Level Task Force on Simplification; stresses that the Task Force should prioritise evaluating ways to scale back the ECB’s non-monetary activities and restore a narrower, rules-based interpretation of its mandate;

Or. en

Amendment 335

Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 28 a (new)

Motion for a resolution

Amendment

28a. Underlines the urgent need to complete the savings and investments union and the banking union with the European deposit insurance scheme (EDIS) in order to make the banking sector more resilient and the euro area more competitive; reiterates the need to remove bureaucratic barriers that hinder cross-border investments in the EU, alleviate the tax burden on companies, simplify legal frameworks to attract capital, encourage SMEs’ entry into financial markets and foster financial literacy among citizens to raise awareness of the benefits of investments; recalls that political will is necessary to advance the completion of the banking union and the savings and investments union;

Or. es

Amendment 336

Carla Tavares, Thomas Bajada, Evelyn Regner, Jonás Fernández, César Luena, Aurore Lalucq

Motion for a resolution

Paragraph 28 a (new)

Motion for a resolution

Amendment

28 a. Highlights the importance of improving financial literacy in the EU to enhance the effective transmission of monetary policy; welcomes the ECB’s initiatives, including the European Financial Literacy Network, and its contributions to the European Commission’s Financial Literacy Strategy; calls on the ECB to expand its efforts in this area and to work closely with the Commission and the European Parliament to develop targeted proposals to boost financial literacy, especially among vulnerable groups;

Or. en

Amendment 337

Gilles Boyer, Stéphanie Yon-Courtin, Ľudovít Ódor, Vlad Vasile-Voiculescu

Motion for a resolution

Paragraph 28 a (new)

Motion for a resolution

Amendment

28 a. Considers that financial stability is a prerequisite for effective monetary policy and a resilient financial system; welcomes the finalisation of the Basel III framework and its implementation; underlines the importance of ensuring the right balance between financial stability, the respect of international frameworks and an international level playing field to ensure that European banks are able to compete on an equal footing with banks from other jurisdictions;

Or. en

Amendment 338

Bas Eickhout

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 28 a (new)

Motion for a resolution

Amendment

28 a. Regrets that only two members of the ECB’s Executive Board and Governing Council are women; reiterates that the nominations to the Executive Board should be gender-balanced, with shortlists submitted to Parliament; urges the euro area Member States to improve gender equality in their appointment procedures, so that genders have equal opportunities to serve as governors of their respective national central banks;

Or. en

Amendment 339

Evelyn Regner

Motion for a resolution

Paragraph 28 a (new)

Motion for a resolution

Amendment

28 a. Calls on the ECB to foster open and constructive dialogue, including the right to information and consultation of staff representatives within the ECB, and reiterates that labour law should be upheld to the highest standard, ensuring the well-being and protection of its staff;

Or. en

Amendment 340

Markus Ferber, Ralf Seekatz

Motion for a resolution

Paragraph 28 a (new)

Motion for a resolution

Amendment

28 a. Urges the ECB to also pursue simplification as a matter of priority in other areas and to reduce the burdens on companies subject to its statistical reporting requirements wherever possible;

Or. en

Amendment 341

Auke Zijlstra

Motion for a resolution

Paragraph 28 a (new)

Motion for a resolution

Amendment

28 a. Calls for a wider public debate on the future of the euro, including the question of whether monetary centralisation has produced the intended benefits for all Member States;

Or. en

Amendment 342

Marco Falcone, Fulvio Martusciello, Herbert Dorfmann

Motion for a resolution

Paragraph 28 a (new)

Motion for a resolution

Amendment

28a. Hopes that the ECB will cooperate ever-increasingly with the EU institutions, national authorities and civil society to promote financial literacy;

Or. it

Amendment 343

Auke Zijlstra

Motion for a resolution

Paragraph 28 b (new)

Motion for a resolution

Amendment

28 b. Expresses deep concern about the staff issues at the ECB, including favoritism, intimidation and discontent among the staff with the leadership of the ECB; expresses deep concern that according to the ECB, staff voicing their discontent about practices on the workfloor consists a breach of the duty to loyalty; recalls that Regulation (EU, Euratom) nr. 2019/126 on the statute of EU civil servants protects the freedom of expression (article 12a) and that criticism of management or working conditions is protected under this freedom, prived there is no breach of loyalty, which only refers to disclosure of classified documents or unfair attacks on the institution, and protects whistleblowing (article 22b), which stipulates that EU officials may report wrongdoing (i.e. corruption, mismanagement, unsafe working conditions, discrimination) without reprisal; believes that the rights protected under Regulation 2019/126 should apply mutatis mutandis to the ECB staff;

Or. en

Amendment 344

Carla Tavares, Thomas Bajada, Evelyn Regner, Jonás Fernández, César Luena, Aurore Lalucq, Lara Wolters

Motion for a resolution

Paragraph 28 b (new)

Motion for a resolution

Amendment

28 b. Notes with concern the recent reports and ongoing court case involving the ECB’s staff union and allegations of attempts to restrict staff representatives’ communication; calls on the ECB to clarify the situation promptly and to take the necessary measures to ensure a transparent, fair, and safe work environment; encourages the strengthening of the ECB’s internal whistleblowing and staff representation frameworks to reinforce institutional integrity and trust;

Or. en

Amendment 345

Marco Falcone, Fulvio Martusciello, Herbert Dorfmann

Motion for a resolution

Paragraph 28 b (new)

Motion for a resolution

Amendment

28b. Calls on the ECB to continue and step up its dialogues with national parliaments; believes that this would reinforce the legitimacy and policies of the ECB;

Or. it