Sittings · Document
Draft report (2025/2249(INI)) 2026-05-22
Global role of the euro
Committee on Economic and Monetary Affairs
Amendment 1
Nikos Papandreou, Jonás Fernández, Aurore Lalucq, Carla Tavares
Motion for a resolution
Citation 7 a (new)
| Motion for a resolution | Amendment |
| – having regard to the Capital Markets Union Action Plan and the need to deepen private euro capital markets as an equal strand of the euro internationalisation strategy; |
Or. en
Amendment 2
Nikos Papandreou, Jonás Fernández, Aurore Lalucq, Carla Tavares
Motion for a resolution
Citation 7 b (new)
| Motion for a resolution | Amendment |
| – having regard to the reports of the European Fiscal Board of 2020 and 2023, which identify financial stability and monetary transmission as European public goods structurally underprovided by fragmented national debt issuance; |
Or. en
Amendment 3
Nikos Papandreou, Jonás Fernández, Aurore Lalucq, Carla Tavares
Motion for a resolution
Citation 9 a (new)
| Motion for a resolution | Amendment |
| – having regard to the need to complete the Banking Union, including the establishment of a European Deposit Insurance Scheme (EDIS), as a key pillar of financial stability and currency credibility. |
Or. en
Amendment 4
Rasmus Andresen
Motion for a resolution
Citation 11 a (new)
| Motion for a resolution | Amendment |
| – having regard to the G20 Johannesburg Leaders’ Declaration of 22 November 2025; |
Or. en
Amendment 5
Pierre Pimpie, Enikő Győri, Tomáš Kubín, Auke Zijlstra
Motion for a resolution
Paragraph 1
| Motion for a resolution | Amendment |
| 1. Notes the gradual but profound transformation of the international monetary and financial system; calls for the EU to reduce its strategic dependencies and strengthen its capacity for autonomous action; | 1. Notes the gradual but profound transformation of the international monetary and financial system; calls for the EU to reduce its strategic dependencies and strengthen its capacity for autonomous action; stresses that any strengthening of the Union’s autonomous action must fully respect the principles of subsidiarity and proportionality and preserve Member States’ fiscal and economic sovereignty; |
Or. en
Amendment 6
Michalis Hadjipantela
Motion for a resolution
Paragraph 1
| Motion for a resolution | Amendment |
| 1. Notes the gradual but profound transformation of the international monetary and financial system; calls for the EU to reduce its strategic dependencies and strengthen its capacity for autonomous action; | 1. Considers that strengthening the international role of the euro can generate benefits both in the short and long term; notes the gradual but profound transformation of the international monetary and financial system; calls for the EU to reduce its strategic dependencies and strengthen its capacity for autonomous action; |
Or. en
Amendment 7
Siegbert Frank Droese
Motion for a resolution
Paragraph 1
| Motion for a resolution | Amendment |
| 1. Notes the gradual but profound transformation of the international monetary and financial system; calls for the EU to reduce its strategic dependencies and strengthen its capacity for autonomous action; | 1. Notes the gradual but profound transformation of the international monetary and financial system; calls for the Member States to strengthen their economic and financial resilience, within the bounds of their national competences, without thus giving rise to any further centralisation of powers at Union level or new joint debt instruments; |
Or. de
Amendment 8
Rasmus Andresen
Motion for a resolution
Paragraph 1
| Motion for a resolution | Amendment |
| 1. Notes the gradual but profound transformation of the international monetary and financial system; calls for the EU to reduce its strategic dependencies and strengthen its capacity for autonomous action; | 1. Notes the gradual but profound transformation of the international monetary and financial system; calls for the EU to reduce its strategic dependencies and strengthen its capacity for autonomous action, while actively promoting a more balanced, sustainable and resilient international monetary and financial system; |
Or. en
Amendment 9
Fernando Navarrete Rojas, Isabel Benjumea Benjumea
Motion for a resolution
Paragraph 1
| Motion for a resolution | Amendment |
| 1. Notes the gradual but profound transformation of the international monetary and financial system; calls for the EU to reduce its strategic dependencies and strengthen its capacity for autonomous action; | 1. Notes the gradual but profound transformation of the international monetary and financial system; calls for the EU to maintain its resilience within a highly interconnected global financial system while continuing to promote global interoperability |
Or. en
Amendment 10
Jussi Saramo, Gaetano Pedulla', Pasquale Tridico
Motion for a resolution
Paragraph 1 a (new)
| Motion for a resolution | Amendment |
| 1 a. Acknowledges that an international monetary and financial system dominated by a single currency creates and exacerbates structural asymmetries, with the country issuing the dominant currency benefitting from an "exorbitant privilege" while the burden often falls on countries of the Global South, reflected in exchange rate volatility, higher interest rates and reduced policy space; underlines therefore that the EU should strengthen the euro's role within a more balanced currency system; |
Or. en
Amendment 11
Pasquale Tridico
Motion for a resolution
Paragraph 1 a (new)
| Motion for a resolution | Amendment |
| 1 a. Stresses that, in an increasingly fragmented and geopolitical international economy, monetary sovereignty cannot be separated from payment infrastructures, financial markets, public debt instruments, digital technologies and access to liquidity; considers therefore that strengthening the international role of the euro requires a broader European strategy aimed at reinforcing the Union’s economic, financial and technological sovereignty; |
Or. en
Amendment 12
Pasquale Tridico
Motion for a resolution
Paragraph 1 b (new)
| Motion for a resolution | Amendment |
| 1 b. Recognises that the current institutional architecture of the Union, including the limited degree of fiscal integration, the fragmentation of economic governance between the Union and the Member States and the absence of a fully integrated fiscal, political and external policy framework, constrains the Union’s capacity to fully project monetary and financial power at international level; stresses nevertheless that, within the existing Treaties and institutional framework, the Union already possesses significant instruments capable of substantially strengthening the international role of the euro through more coordinated and strategic action in the fields of trade, investment, energy, payments, financial infrastructure, liquidity provision, digital finance and common financing; underlines, in this regard, that the international role of the euro should be considered a strategic European interest requiring greater political coordination between the Union institutions and the Member States; |
Or. en
Amendment 13
Fernando Navarrete Rojas, Isabel Benjumea Benjumea
Motion for a resolution
Paragraph 2
| Motion for a resolution | Amendment |
| 2. Notes that, in recent episodes of geopolitical turmoil, safe-haven inflows have contributed to appreciation pressures on the euro, thereby turning the euro area into a ‘passive safe haven’ that absorbs shocks instigated elsewhere without fully harnessing the corresponding benefits; | 2. Notes that, in recent episodes of geopolitical turmoil, safe-haven inflows have contributed to appreciation pressures on the euro, thereby turning the euro area into a ‘safe haven’ that absorbs shocks instigated elsewhere; considers that this shift in capital flows towards the Euro Area reflects the predictability and resilience of its framework and the market’s confidence in the Euro Area's monetary policy stance and independent institutions; |
Or. en
Amendment 14
Pierre Pimpie
Motion for a resolution
Paragraph 2
| Motion for a resolution | Amendment |
| 2. Notes that, in recent episodes of geopolitical turmoil, safe-haven inflows have contributed to appreciation pressures on the euro, thereby turning the euro area into a ‘passive safe haven’ that absorbs shocks instigated elsewhere without fully harnessing the corresponding benefits; | 2. Notes that, in recent episodes of geopolitical turmoil, safe-haven inflows have contributed to appreciation pressures on the euro, thereby turning the euro area into a ‘passive safe haven’ that absorbs shocks instigated elsewhere without fully harnessing the corresponding benefits; notes that, on the contrary, the appreciation pressures on the euro are detrimental to the trade and production capacities of the Union and its Member States. |
Or. en
Amendment 15
Pasquale Tridico
Motion for a resolution
Paragraph 2 a (new)
| Motion for a resolution | Amendment |
| 2 a. Notes that recent geopolitical and financial shocks have increased safe-haven inflows into euro-denominated assets without corresponding gains in the strategic international role of the euro; stresses that the Union should aim not only to absorb external shocks, but also to strengthen its capacity to translate financial stability into greater monetary, economic and geopolitical influence; |
Or. en
Amendment 16
Pierre Pimpie, Enikő Győri, Auke Zijlstra
Motion for a resolution
Paragraph 3
| Motion for a resolution | Amendment |
| 3. Underlines the EU’s dependence on foreign financial market infrastructures, ranging from retail payments reliant on international card schemes to wholesale transactions dependant on systems provided by US corporations; | 3. Underlines the EU’s dependence on foreign financial market infrastructures, ranging from retail payments reliant on international card schemes to wholesale transactions dependant on systems provided by US corporations; recalls that several Member States had previously developed efficient national payment and settlement systems before monetary integration, thereby contributing to financial resilience and strategic autonomy; |
Or. en
Amendment 17
Fernando Navarrete Rojas, Isabel Benjumea Benjumea
Motion for a resolution
Paragraph 3
| Motion for a resolution | Amendment |
| 3. Underlines the EU’s dependence on foreign financial market infrastructures, ranging from retail payments reliant on international card schemes to wholesale transactions dependant on systems provided by US corporations; | 3. Notes the dominance of foreign financial market infrastructures, ranging from retail payments reliant on international card schemes to wholesale transactions dependant on systems provided by US corporations; recalls that the Market Infrastructure and Supervision Package aims to create a more integrated, efficient, and competitive financial system, thereby enhancing the attractiveness of EU market infrastructures; |
Or. en
Amendment 18
Michalis Hadjipantela
Motion for a resolution
Paragraph 3
| Motion for a resolution | Amendment |
| 3. Underlines the EU’s dependence on foreign financial market infrastructures, ranging from retail payments reliant on international card schemes to wholesale transactions dependant on systems provided by US corporations; | 3. Underlines the EU’s dependence on foreign financial market infrastructures, particularly in retail payments reliant on international card schemes; |
Or. en
Amendment 19
Michalis Hadjipantela
Motion for a resolution
Paragraph 3 a (new)
| Motion for a resolution | Amendment |
| 3 a. Recalls that the Single Euro Payments Area (SEPA) is a payment system where customers can make cashless euro payments to anywhere in the European Union and to a number of non-EU countries, currently covering 41 countries, in a fast, safe and efficient way, just like within their own country; |
Or. en
Amendment 20
Fernando Navarrete Rojas, Isabel Benjumea Benjumea
Motion for a resolution
Paragraph 4
| Motion for a resolution | Amendment |
| 4. Underlines the reliance of euro area banks on US dollar wholesale funding; warns that this may expose the euro area in times of stress to a possible weaponisation of dollar swap lines; | deleted |
Or. en
Amendment 21
Michalis Hadjipantela
Motion for a resolution
Paragraph 4
| Motion for a resolution | Amendment |
| 4. Underlines the reliance of euro area banks on US dollar wholesale funding; warns that this may expose the euro area in times of stress to a possible weaponisation of dollar swap lines; | 4. Underlines the reliance of euro area banks on US dollar wholesale funding; |
Or. en
Amendment 22
Ľudovít Ódor, Stéphanie Yon-Courtin, Gilles Boyer
Motion for a resolution
Paragraph 4
| Motion for a resolution | Amendment |
| 4. Underlines the reliance of euro area banks on US dollar wholesale funding; warns that this may expose the euro area in times of stress to a possible weaponisation of dollar swap lines; | 4. Underlines the reliance of euro area banks on US dollar wholesale funding; warns that this may expose the euro area in times of stress to a possible hostile geo-economic use of US dollar swap lines; |
Or. en
Amendment 23
Pasquale Tridico
Motion for a resolution
Paragraph 4 a (new)
| Motion for a resolution | Amendment |
| 4 a. Warns that the euro area remains structurally dependent on the US dollar across trade finance, wholesale funding markets, payment systems, clearing infrastructures and digital financial technologies; stresses that reducing such dependencies should become a strategic objective of the Union in order to strengthen Europe’s economic resilience and policy autonomy; |
Or. en
Amendment 24
Gilles Boyer, Stéphanie Yon-Courtin
Motion for a resolution
Paragraph 5
| Motion for a resolution | Amendment |
| 5. Stresses that such dependencies expose EU citizens and firms to extraterritorial application of sanctions from non-EU countries, or to the threat thereof; considers the fact that members of the International Criminal Court have been blocked from accessing basic banking services to be a regrettable illustration of those vulnerabilities; | 5. Stresses that such dependencies expose EU citizens and firms to extraterritorial application of sanctions from non-EU countries, or to the threat thereof; considers the fact that, European individuals, including members of the International Criminal Court and former Commissioner Thierry Breton, have been blocked from accessing basic banking services to be a regrettable illustration of those vulnerabilities; |
Or. en
Amendment 25
Fernando Navarrete Rojas, Isabel Benjumea Benjumea
Motion for a resolution
Paragraph 5
| Motion for a resolution | Amendment |
| 5. Stresses that such dependencies expose EU citizens and firms to extraterritorial application of sanctions from non-EU countries, or to the threat thereof; considers the fact that members of the International Criminal Court have been blocked from accessing basic banking services to be a regrettable illustration of those vulnerabilities; | 5. Stresses that such dominance exposes EU citizens and firms to extraterritorial application of sanctions from non-EU countries, or to the threat thereof; considers the fact that members of the International Criminal Court have been blocked from accessing basic banking services to be a regrettable illustration of those vulnerabilities; |
Or. en
Amendment 26
Isabel Benjumea Benjumea
Motion for a resolution
Paragraph 6
| Motion for a resolution | Amendment |
| 6. Agrees, therefore, with the ECB President on the need for the euro to ‘move from being “in between” to being a full international currency’; underlines that a stronger role for the euro internationally would help insulate Europe’s economy from swings in foreign exchange rates, secure better financing conditions for the European economy and expand protections from foreign measures; | 6. Agrees, therefore, with the ECB President on the need for the euro to ‘move from being “in between” to being a full international currency’; underlines that a more relevant role for the euro internationally should be based on macroeconomic stability, fiscal discipline, legal certainty, integrated capital markets and a market economy; stresses that this would help insulate Europe’s economy from swings in foreign exchange rates, secure better financing conditions for the European economy and expand protections from foreign measures; |
Or. es
Amendment 27
Michalis Hadjipantela
Motion for a resolution
Paragraph 6
| Motion for a resolution | Amendment |
| 6. Agrees, therefore, with the ECB President on the need for the euro to ‘move from being “in between” to being a full international currency’; underlines that a stronger role for the euro internationally would help insulate Europe’s economy from swings in foreign exchange rates, secure better financing conditions for the European economy and expand protections from foreign measures; | 6. Underlines that a stronger role for the euro internationally would help insulate Europe’s economy from swings in foreign exchange rates, secure better financing conditions for the European economy and expand protections from foreign measures; |
Or. en
Amendment 28
Jussi Saramo, Gaetano Pedulla', Pasquale Tridico
Motion for a resolution
Paragraph 6
| Motion for a resolution | Amendment |
| 6. Agrees, therefore, with the ECB President on the need for the euro to ‘move from being “in between” to being a full international currency’; underlines that a stronger role for the euro internationally would help insulate Europe’s economy from swings in foreign exchange rates, secure better financing conditions for the European economy and expand protections from foreign measures; | 6. Agrees, therefore, with the ECB President on the need for the euro to ‘move from being “in between” to being a full international currency’; underlines that a stronger role for the euro internationally would help insulate Europe’s economy from swings in foreign exchange rates, secure better financing conditions for the European economy and for the green and digital transition, and expand protections from foreign measures, thus increasing Europe's macroeconomic autonomy; |
Or. en
Amendment 29
Siegbert Frank Droese
Motion for a resolution
Paragraph 6
| Motion for a resolution | Amendment |
| 6. Agrees, therefore, with the ECB President on the need for the euro to ‘move from being “in between” to being a full international currency’; Underlines that a stronger role for the euro internationally would help insulate Europe’s economy from swings in foreign exchange rates, secure better financing conditions for the European economy and expand protections from foreign measures; | 6. Underlines that a stronger role for the euro internationally would help insulate Europe’s economy from swings in foreign exchange rates, secure better financing conditions for the European economy and expand protections from foreign measures; notes that the international standing of a currency is determined not by political objectives, but rather by economic strength, price stability, budgetary discipline, legal certainty and the confidence of market participants; |
Or. de
Amendment 30
Rasmus Andresen
Motion for a resolution
Paragraph 6 a (new)
| Motion for a resolution | Amendment |
| 6 a. Considers that the main levers for strengthening the euro’s international role, notably larger supply of EU common debt and greater use of the euro in international transactions, would also mitigate the adverse appreciation effects of stronger euro demand, by absorbing inflows more efficiently and by reducing exchange-rate risk and hedging costs; |
Or. en
Amendment 31
Michalis Hadjipantela
Motion for a resolution
Paragraph 7
| Motion for a resolution | Amendment |
| 7. Considers, in this context, that the internationalisation of the euro is about strengthening its role within a more multipolar international monetary system; | 7. Considers, in this context, that the global role of the euro is about strengthening its role within a more multipolar international monetary system; |
Or. en
Amendment 32
Markus Ferber
Motion for a resolution
Paragraph 7 a (new)
| Motion for a resolution | Amendment |
| 7 a. Considers that a stronger international role of the euro, such as a reserve currency status comes with pros and cons; recognises that reserve currency status confers significant advantages, including reduced borrowing costs, insulation from exchange rate volatility, geopolitical leverage, and seigniorage benefits, but also entails structural obligations and constraints; notes that reserve currency issuers are typically required to supply safe, liquid assets at scale to global markets, which can generate persistent current account deficits, sustained appreciation pressures on the currency, and reduced monetary policy autonomy; stresses, therefore, that any strategy to strengthen the international role of the euro must be pursued on the basis of a clear-eyed assessment of both its benefits and its costs, and must not rest on the assumption that reserve currency status is an unqualified good to be pursued at any price; |
Or. en
Amendment 33
Pasquale Tridico
Motion for a resolution
Paragraph 7 a (new)
| Motion for a resolution | Amendment |
| 7 a. Stresses that strengthening the international role of the euro should not aim at replacing one monetary hegemony with another, but at promoting a more balanced, rules-based and multipolar international monetary system grounded in openness, legal certainty, democratic accountability and multilateral cooperation; |
Or. en
Amendment 34
Rasmus Andresen
Motion for a resolution
Paragraph 8
| Motion for a resolution | Amendment |
| 8. Stresses that a stronger global role for the euro will not emerge through market forces alone, but requires a coherent strategy by which public authorities establish the conditions for its wider use; observes that the US and China are actively pursuing such strategies in support of their currencies; | 8. Stresses that a stronger global role for the euro will not emerge through market forces alone, but requires a coherent and democratically accountable strategy by which public authorities establish the conditions and policies for its wider use; observes that the US and China are actively pursuing such strategies in support of their currencies; points out that the EU should anticipate potential reactions from those countries to efforts aimed at strengthening the international role of the euro; |
Or. en
Amendment 35
Gilles Boyer, Stéphanie Yon-Courtin
Motion for a resolution
Paragraph 8
| Motion for a resolution | Amendment |
| 8. Stresses that a stronger global role for the euro will not emerge through market forces alone, but requires a coherent strategy by which public authorities establish the conditions for its wider use; observes that the US and China are actively pursuing such strategies in support of their currencies; | 8. Stresses that a stronger global role for the euro will not emerge through market forces alone, but requires a coherent strategy by which public authorities establish the conditions for its wider use; observes that the US and China are actively pursuing such strategies in support of their currencies; calls on the Commission to map, as a matter of priority, the European financial services sector's dependencies on third countries, with a view of identifying strategic vulnerabilities and informing targeted policy responses; |
Or. en
Amendment 36
Pierre Pimpie, Enikő Győri, Tomáš Kubín, Auke Zijlstra
Motion for a resolution
Paragraph 8
| Motion for a resolution | Amendment |
| 8. Stresses that a stronger global role for the euro will not emerge through market forces alone, but requires a coherent strategy by which public authorities establish the conditions for its wider use; observes that the US and China are actively pursuing such strategies in support of their currencies; | 8. Stresses that the international role of the euro should primarily emerge from market confidence, economic competitiveness and fiscal credibility rather than from excessive political intervention which indeed requires a coherent strategy by which public authorities establish the conditions for its wider use while avoiding excessive market distortions, centralisation or unnecessary regulatory burdens; observes that the US and China are actively pursuing such strategies in support of their currencies; |
Or. en
Amendment 37
Fernando Navarrete Rojas, Isabel Benjumea Benjumea
Motion for a resolution
Paragraph 8
| Motion for a resolution | Amendment |
| 8. Stresses that a stronger global role for the euro will not emerge through market forces alone, but requires a coherent strategy by which public authorities establish the conditions for its wider use; observes that the US and China are actively pursuing such strategies in support of their currencies; | 8. Stresses that a stronger global role for the euro will not emerge through market forces alone, but requires a coherent strategy and a robust market-oriented regulatory framework; observes that the US and China are actively pursuing such strategies in support of their currencies, but stresses that the EU should develop its own distinct approach without emulating their specific models; |
Or. en
Amendment 38
Isabel Benjumea Benjumea
Motion for a resolution
Paragraph 8
| Motion for a resolution | Amendment |
| 8. Stresses that a stronger global role for the euro will not emerge through market forces alone, but requires a coherent strategy by which public authorities establish the conditions for its wider use; observes that the US and China are actively pursuing such strategies in support of their currencies; | 8. Stresses that a more relevant international role for the euro requires solid market conditions based on macroeconomic stability, fiscal discipline, legal certainty, reduced regulatory burdens and greater competitiveness of the European economy; emphasises that public authorities should limit themselves to creating a favourable, open and competitive framework and avoid protectionist or interventionist measures that distort choice for economic operators; |
Or. es
Amendment 39
Siegbert Frank Droese
Motion for a resolution
Paragraph 8
| Motion for a resolution | Amendment |
| 8. Stresses that a stronger global role for the euro will not emerge through market forces alone, but requires a coherent strategy by which public authorities establish the conditions for its wider use; observes that the US and China are actively pursuing such strategies in support of their currencies; | 8. Stresses that the role of the euro is determined first and foremost by the confidence of the market, robust public finances, a competitive real economy and strict adherence to the ECB’s mandate; rejects any politically motivated internationalisation of the euro that involves any new interventions, subsidies or joint liability; observes that the US and China are actively pursuing strategies in support of their currencies; |
Or. de
Amendment 40
Markus Ferber
Motion for a resolution
Paragraph 8 a (new)
| Motion for a resolution | Amendment |
| 8 a. Stresses that the international credibility of the euro rests ultimately on the soundness of the public finances underpinning it; recalls that the credibility of a currency status is built on trust, including in the sustainability of sovereign debt, and in the long-term fiscal discipline of the issuing area; warns that strategies to strengthen the euro's global role which rely on expanding common debt issuance or loosening fiscal discipline risk undermining the very credibility they seek to project; considers that adherence to the EU's fiscal rules, reduction of excessive debt levels in high-debt Member States, and the maintenance of a stable macroeconomic environment are not obstacles to a stronger international euro but its preconditions; |
Or. en
Amendment 41
Dirk Gotink
Motion for a resolution
Paragraph 8 a (new)
| Motion for a resolution | Amendment |
| 8 a. Stresses that a stronger global role for the euro must be earned with real reforms and that there are no quick-fixes; notes that the foundations for such a global role include economic resilience, growth, trust and geopolitical credibility; emphasises that, for this reason, the EU must complete its single market, drastically reduce regulatory burden, create deep and integrated capital markets, invest in defence, build second and third pillar national pension systems, and improve fiscal sustainability at both EU and national level; warns that pushing the role of the euro without addressing these foundational issues will only contribute to the overvaluation of the euro, which would hurt European industry and exports; |
Or. en
Amendment 42
Pasquale Tridico
Motion for a resolution
Paragraph 8 a (new)
| Motion for a resolution | Amendment |
| 8 a. Stresses that strengthening the international role of the euro requires a coherent European strategy combining monetary, financial, industrial, technological, trade and geopolitical dimensions; calls on the Commission, the Eurogroup and the ECB, while fully respecting the ECB’s independence, to establish a permanent framework for coordination on the international role of the euro, including regular reporting to Parliament and measurable strategic objectives regarding trade invoicing, payment infrastructures, liquidity provision and euro-denominated financing; |
Or. en
Amendment 43
Stephen Nikola Bartulica
Motion for a resolution
Paragraph 8 a (new)
| Motion for a resolution | Amendment |
| 8 a. Underlines that the international role of the euro can only strengthen sustainability through sound macroeconomic policies, low inflation, fiscal prudence and open competitive markets, not through industrial policy or supranational debt instruments; recalls the warnings of past Deutsche Bundesbank presidents against over-reliance on public strategies that blur the line between monetary and fiscal policy. |
Or. en
Amendment 44
Michalis Hadjipantela
Motion for a resolution
Paragraph 8 a (new)
| Motion for a resolution | Amendment |
| 8 a. Is concerned that EMU’s lack of ability to speak as a unified voice with international institutions can hold back the international role of euro; |
Or. en
Amendment 45
Pasquale Tridico
Motion for a resolution
Paragraph 8 b (new)
| Motion for a resolution | Amendment |
| 8 b. Calls for enhanced democratic scrutiny by the European Parliament over the Union’s strategy regarding the international role of the euro, including regular exchanges with the Commission, the Eurogroup and the ECB on external monetary dependencies, payment infrastructures, financial sanctions, liquidity arrangements and digital monetary developments; |
Or. en
Amendment 46
Michalis Hadjipantela
Motion for a resolution
Paragraph 8 b (new)
| Motion for a resolution | Amendment |
| 8 b. Notes that the global prominence of a currency is directly linked to the role that the issuing country has in global trade; stresses that the EU, as one of the world’s largest trading blocs, would benefit from a strengthened international role of its currency; underlines that stimulating the choice of the euro in trade will reduce exchange risk and other currency-related costs, especially for European SMEs; |
Or. en
Amendment 47
Engin Eroglu
Motion for a resolution
Paragraph 9
| Motion for a resolution | Amendment |
| 9. Considers that strengthening the international role of the euro requires its wider use across cross-border value chains, meaning not only trade invoicing, but also the ability of market participants across jurisdictions to borrow, lend and settle in euro throughout those chains; | 9. Considers that strengthening the international role of the euro requires its wider use across cross-border value chains, underlines however that this must reflect market realities and avoid creating additional costs or hedging complexities, notably regarding trade invoicing, while supporting the ability of market participants across jurisdictions to borrow, lend and settle in euro throughout those chains; |
Or. en
Amendment 48
Rasmus Andresen
Motion for a resolution
Paragraph 9
| Motion for a resolution | Amendment |
| 9. Considers that strengthening the international role of the euro requires its wider use across cross-border value chains, meaning not only trade invoicing, but also the ability of market participants across jurisdictions to borrow, lend and settle in euro throughout those chains; | 9. Considers that strengthening the international role of the euro requires its wider use across cross-border value chains, meaning not only trade invoicing, but also the ability of market participants across jurisdictions to borrow, lend, hedge and settle in euro throughout those chains; |
Or. en
Amendment 49
Rasmus Andresen
Motion for a resolution
Paragraph 10
| Motion for a resolution | Amendment |
| 10. Calls on the Commission to make access to EU investment programmes conditional on euro invoicing across value chains, promote the use of the euro in trade agreements, and work with industry actors to strengthen its use in invoicing, procurement and payments; | 10. Calls on the Commission to make access to EU investment programmes conditional on euro invoicing across value chains, promote the use of the euro in trade agreements, and work with industry actors to strengthen its use in invoicing, procurement and payments; encourages the Commission to explore targeted incentives for the pricing and settlement in euro of exports of clean technology capital goods, in particular where this can support strategic clean technology value chains and the EU’s climate and industrial objectives; |
Or. en
Amendment 50
Isabel Benjumea Benjumea
Motion for a resolution
Paragraph 10
| Motion for a resolution | Amendment |
| 10. Calls on the Commission to make access to EU investment programmes conditional on euro invoicing across value chains, promote the use of the euro in trade agreements, and work with industry actors to strengthen its use in invoicing, procurement and payments; | 10. Calls on the Commission to promote the voluntary use of the euro in cross-border value chains by removing regulatory barriers, improving the competitiveness of European financial markets, making payment systems interoperable and developing financing instruments in euros, avoiding the application of conditions that could distort companies’ business decisions; |
Or. es
Amendment 51
Engin Eroglu
Motion for a resolution
Paragraph 10
| Motion for a resolution | Amendment |
| 10. Calls on the Commission to make access to EU investment programmes conditional on euro invoicing across value chains, promote the use of the euro in trade agreements, and work with industry actors to strengthen its use in invoicing, procurement and payments; | 10. Calls on the Commission to promote and facilitate the use of the euro in EU investment programmes and trade agreements, stresses that such measures should remain incentive-based and avoid rigid conditionality, ensuring that the international competitiveness of EU firms and their operational flexibility in global value chains are not compromised; |
Or. en
Amendment 52
Pierre Pimpie, Enikő Győri, Tomáš Kubín, Auke Zijlstra
Motion for a resolution
Paragraph 10
| Motion for a resolution | Amendment |
| 10. Calls on the Commission to make access to EU investment programmes conditional on euro invoicing across value chains, promote the use of the euro in trade agreements, and work with industry actors to strengthen its use in invoicing, procurement and payments; | 10. Calls on the Commission to encourage euro invoicing across value chains to access EU investment programmes, promote the use of the euro in trade agreements, and work with industry actors to strengthen its use in invoicing, procurement and payments; |
Or. en
Amendment 53
Fernando Navarrete Rojas, Isabel Benjumea Benjumea
Motion for a resolution
Paragraph 10
| Motion for a resolution | Amendment |
| 10. Calls on the Commission to make access to EU investment programmes conditional on euro invoicing across value chains, promote the use of the euro in trade agreements, and work with industry actors to strengthen its use in invoicing, procurement and payments; | 10. Calls on the Commission to promote the use of the euro in trade agreements, and work with industry actors to strengthen its use in invoicing, procurement and payments; |
Or. en
Amendment 54
Dirk Gotink
Motion for a resolution
Paragraph 10
| Motion for a resolution | Amendment |
| 10. Calls on the Commission to make access to EU investment programmes conditional on euro invoicing across value chains, promote the use of the euro in trade agreements, and work with industry actors to strengthen its use in invoicing, procurement and payments; | 10. Calls on the Commission to promote the use of the euro in trade agreements, and work with industry actors to strengthen its use in invoicing, procurement and payments; |
Or. en
Amendment 55
Stephen Nikola Bartulica
Motion for a resolution
Paragraph 10
| Motion for a resolution | Amendment |
| 10. Calls on the Commission to make access to EU investment programmes conditional on euro invoicing across value chains, promote the use of the euro in trade agreements, and work with industry actors to strengthen its use in invoicing, procurement and payments; | 10. Encourages wider voluntary use of the euro in trade invoicing through enhanced economic competitiveness, price stability and deep liquid markets; opposes making access to EU programmes conditional on euro invoicing as this constitutes market distortion and reduces flexibility for European businesses. |
Or. en
Amendment 56
Angelika Winzig
Motion for a resolution
Paragraph 10
| Motion for a resolution | Amendment |
| 10. Calls on the Commission to make access to EU investment programmes conditional on euro invoicing across value chains, promote the use of the euro in trade agreements, and work with industry actors to strengthen its use in invoicing, procurement and payments; | 10. Calls on the Commission to promote the use of the euro across value chains, in trade agreements, and work with industry actors to strengthen its use in invoicing, procurement and payments; |
Or. en
Amendment 57
Ľudovít Ódor, Stéphanie Yon-Courtin, Gilles Boyer
Motion for a resolution
Paragraph 10
| Motion for a resolution | Amendment |
| 10. Calls on the Commission to make access to EU investment programmes conditional on euro invoicing across value chains, promote the use of the euro in trade agreements, and work with industry actors to strengthen its use in invoicing, procurement and payments; | 10. Calls on the Commission to make access to EU investment programmes conditional on euro invoicing across value chains, actively promote the use of the euro through favourable terms in trade agreements and work with industry actors to strengthen its use in invoicing, procurement and payments; |
Or. en
Amendment 58
Pasquale Tridico
Motion for a resolution
Paragraph 10 a (new)
| Motion for a resolution | Amendment |
| 10 a. Calls on the Commission to systematically promote the use of the euro across European and international value chains by linking EU investment programmes, export credits, guarantees, infrastructure financing and public procurement to euro-denominated invoicing, financing and settlement, particularly in strategic sectors such as energy, critical raw materials, defence, digital infrastructure and clean technologies; |
Or. en
Amendment 59
Michalis Hadjipantela
Motion for a resolution
Paragraph 10 a (new)
| Motion for a resolution | Amendment |
| 10 a. Points out that a higher share of energy and defence contracts being traded in euro could enhance the international role of the single currency and is therefore supportive of policies furthering that goal; |
Or. en
Amendment 60
Markus Ferber
Motion for a resolution
Paragraph 10 a (new)
| Motion for a resolution | Amendment |
| 10 a. Points out that a higher share of energy and defence contracts being traded in euro could enhance the international role of the single currency and is therefore supportive of policies furthering that goal; |
Or. en
Amendment 61
Pasquale Tridico
Motion for a resolution
Paragraph 10 b (new)
| Motion for a resolution | Amendment |
| 10 b. Calls on the Commission, the EIB and national promotional banks to develop European trade finance and export credit instruments denominated in euro, with a view to reducing excessive reliance on dollar-based financing in external trade and investment flows connected to the Union; |
Or. en
Amendment 62
Pasquale Tridico
Motion for a resolution
Paragraph 10 c (new)
| Motion for a resolution | Amendment |
| 10 c. Calls on the Commission to promote the use of the euro in long-term contracts relating to energy, critical raw materials, transport, defence procurement and strategic infrastructure projects involving the Union or supported by Union financing instruments, in order to strengthen the resilience of European value chains and reduce excessive exposure to exchange-rate and geopolitical risks linked to third-country currencies; |
Or. en
Amendment 63
Gilles Boyer, Stéphanie Yon-Courtin
Motion for a resolution
Paragraph 11
| Motion for a resolution | Amendment |
| 11. Emphasises that borrowing, lending and settling in euro requires a sovereign European public digital payments and settlement infrastructure ensuring interoperability and speed in cross-border, cross-currency transactions, with a European central bank digital currency (CBDC) lying at its core; | 11. Emphasises that borrowing, lending and settling in euro requires a sovereign European public digital payments and settlement infrastructure ensuring interoperability and speed in cross-border, cross-currency transactions, with a European central bank digital currency (CBDC) lying at its core; welcomes, in that regard, the ongoing discussions on the digital euro; underlines that, in a context of growing geopolitical uncertainty and dependence on non-EU payment infrastructures, the digital euro will strengthen the Union's monetary sovereignty and support the resilience of the single market; stresses therefore the importance of rapidly concluding negotiations on the Digital Euro Regulation to ensure the establishment of a public, pan-European digital payment solution; |
Or. en
Amendment 64
Ľudovít Ódor, Stéphanie Yon-Courtin, Gilles Boyer
Motion for a resolution
Paragraph 11
| Motion for a resolution | Amendment |
| 11. Emphasises that borrowing, lending and settling in euro requires a sovereign European public digital payments and settlement infrastructure ensuring interoperability and speed in cross-border, cross-currency transactions, with a European central bank digital currency (CBDC) lying at its core; | 11. Emphasises that borrowing, lending and settling in euro requires a sovereign European public digital payments and settlement infrastructure ensuring interoperability and speed in cross-border, cross-currency transactions, with a European central bank digital currency (CBDC) lying at its core; considers that globally successful currencies are increasingly reliant not only on direct transactions, but also on well developed networks and infrastructure, which is especially relevant regarding wholesale payment infrastructures, retail payment front ends and private sector innovation ecosystems; calls on the EU to deploy a comprehensive strategy to enable innovative payment solutions to improve resilience, connectivity, and customer experience; |
Or. en
Amendment 65
Stephen Nikola Bartulica
Motion for a resolution
Paragraph 11
| Motion for a resolution | Amendment |
| 11. Emphasises that borrowing, lending and settling in euro requires a sovereign European public digital payments and settlement infrastructure ensuring interoperability and speed in cross-border, cross-currency transactions, with a European central bank digital currency (CBDC) lying at its core; | 11. Considers that borrowing, lending and settling in euro should primarily build on competitive private market solutions and existing market infrastructures; notes that a central bank digital currency (CBDC) raises important concerns regarding privacy, financial stability and central bank independence; therefore believes that the development of a retail CBDC should be reconsidered and recommends a prudent, limited exploration of wholesale-only digital euro initiatives, subject to robust safeguards against monetary financing and risks of surveillance. |
Or. en
Amendment 66
Nikos Papandreou, Jonás Fernández, Aurore Lalucq, Carla Tavares
Motion for a resolution
Paragraph 11
| Motion for a resolution | Amendment |
| 11. Emphasises that borrowing, lending and settling in euro requires a sovereign European public digital payments and settlement infrastructure ensuring interoperability and speed in cross-border, cross-currency transactions, with a European central bank digital currency (CBDC) lying at its core; | 11. Emphasises that borrowing, lending and settling in euro requires a sovereign European public digital payments and settlement infrastructure ensuring interoperability and speed in cross-border, cross-currency transactions, with a European central bank digital currency (CBDC) lying at its core; considers that the digital euro is the foundational infrastructure layer upon which euro internationalisation depends, since a euro that runs on third-country payment rails remains structurally exposed to extraterritorial leverage; |
Or. en
Amendment 67
Pierre Pimpie, Enikő Győri, Tomáš Kubín, Auke Zijlstra
Motion for a resolution
Paragraph 11
| Motion for a resolution | Amendment |
| 11. Emphasises that borrowing, lending and settling in euro requires a sovereign European public digital payments and settlement infrastructure ensuring interoperability and speed in cross-border, cross-currency transactions, with a European central bank digital currency (CBDC) lying at its core; | 11. Notes that borrowing, lending and settling in euro could benefit from a sovereign European public digital payments and settlement infrastructure ensuring interoperability and speed in cross-border, cross-currency transactions; notes furthermore that a European central bank digital currency (CBDC) could contribute to such an infrastructure, provided that it fully preserves citizens’ privacy, guarantees continued access to cash and remains strictly voluntary for retail users; |
Or. en
Amendment 68
Angelika Winzig
Motion for a resolution
Paragraph 11
| Motion for a resolution | Amendment |
| 11. Emphasises that borrowing, lending and settling in euro requires a sovereign European public digital payments and settlement infrastructure ensuring interoperability and speed in cross-border, cross-currency transactions, with a European central bank digital currency (CBDC) lying at its core; | 11. Emphasises that borrowing, lending and settling in euro requires a sovereign European public digital payments and settlement infrastructure ensuring interoperability and speed in cross-border, cross-currency transactions, with a European central bank digital currency (CBDC) lying at its core, while safeguarding financial stability, privacy, cybersecurity and the role of private financial institutions in the payment ecosystem; |
Or. en
Amendment 69
Markus Ferber
Motion for a resolution
Paragraph 11
| Motion for a resolution | Amendment |
| 11. Emphasises that borrowing, lending and settling in euro requires a sovereign European public digital payments and settlement infrastructure ensuring interoperability and speed in cross-border, cross-currency transactions, with a European central bank digital currency (CBDC) lying at its core; | 11. Emphasises that strengthening cross-border euro payments and settlement requires a modern, interoperable European payment infrastructure; stresses that any European central bank digital currency must complement rather than displace existing market-based payment solutions and must be subject to robust privacy safeguards, appropriate holding limits and clear restrictions to prevent disintermediation of the banking sector; |
Or. en
Amendment 70
Fernando Navarrete Rojas, Isabel Benjumea Benjumea
Motion for a resolution
Paragraph 11
| Motion for a resolution | Amendment |
| 11. Emphasises that borrowing, lending and settling in euro requires a sovereign European public digital payments and settlement infrastructure ensuring interoperability and speed in cross-border, cross-currency transactions, with a European central bank digital currency (CBDC) lying at its core; | 11. Emphasises that borrowing, lending and settling in euro requires a sovereign European public digital settlement infrastructure ensuring interoperability and speed in cross-border, cross-currency transactions, with a European wholesale central bank digital currency (W-CBDC) lying at its core; welcomes, in this regard, the ECB’s wholesale initiatives, notably Pontes and Appia; supports their more rapid implementation; |
Or. en
Amendment 71
Siegbert Frank Droese
Motion for a resolution
Paragraph 11
| Motion for a resolution | Amendment |
| 11. Emphasises that borrowing, lending and settling in euro requires a sovereign European public digital payments and settlement infrastructure ensuring interoperability and speed in cross-border, cross-currency transactions, with a European central bank digital currency (CBDC) lying at its core; | 11. Emphasises that borrowing, lending and settling in euro requires a sovereign European public digital payments and settlement infrastructure ensuring interoperability and speed in cross-border, cross-currency transactions; |
Or. de
Amendment 72
Michalis Hadjipantela
Motion for a resolution
Paragraph 11
| Motion for a resolution | Amendment |
| 11. Emphasises that borrowing, lending and settling in euro requires a sovereign European public digital payments and settlement infrastructure ensuring interoperability and speed in cross-border, cross-currency transactions, with a European central bank digital currency (CBDC) lying at its core; | 11. Emphasises that borrowing, lending and settling in euro requires a sovereign European public digital payments and settlement infrastructure ensuring interoperability and speed in cross-border, cross-currency transactions; calls on the ECB to ensure an adequate balance between financial innovation and stability; |
Or. en
Amendment 73
Markus Ferber
Motion for a resolution
Paragraph 11 a (new)
| Motion for a resolution | Amendment |
| 11 a. Recalls that the euro area already benefits from a significant and mature payment infrastructure, including the Single Euro Payments Area (SEPA) framework, the T2 real-time gross settlement system operated by the Eurosystem, the TARGET2-Securities securities settlement platform, and the TIPS instant payment settlement infrastructure; welcomes the rapid roll-out of SEPA Instant Credit Transfers, accelerated by the Instant Payments Regulation, which is bringing real-time euro payments to millions of citizens and businesses across the Union; considers that strengthening the international role of the euro should build on these existing foundations, which already provide a robust, interoperable and largely public European payment backbone, rather than proceeding on the assumption that Europe is starting from a position of infrastructural deficit; |
Or. en
Amendment 74
Pasquale Tridico
Motion for a resolution
Paragraph 11 a (new)
| Motion for a resolution | Amendment |
| 11 a. Stresses that European payment infrastructures should be considered strategic public infrastructure; calls for the accelerated interconnection of TIPS with trusted payment systems in neighbouring countries, candidate countries and strategic partner regions, in order to facilitate fast, low-cost and euro-denominated cross-border payments and strengthen the international use of the euro; |
Or. en
Amendment 75
Pasquale Tridico
Motion for a resolution
Paragraph 11 b (new)
| Motion for a resolution | Amendment |
| 11 b. Stresses that the international role of the euro increasingly depends on Europe’s capacity to develop autonomous digital and financial infrastructures, including payment technologies, cloud infrastructures, tokenised settlement systems and secure digital identity frameworks governed under European rules and supervision; |
Or. en
Amendment 76
Nikos Papandreou, Jonás Fernández, Aurore Lalucq, Carla Tavares
Motion for a resolution
Paragraph 12
| Motion for a resolution | Amendment |
| 12. Strongly supports the establishment of a European CBDC designed without undue restrictions on its retail use and without precluding its wholesale functionality; welcomes, in this regard, the ECB’s wholesale initiatives, notably Pontes and Appia; supports their more rapid implementation; | 12. Strongly supports the establishment of a European CBDC designed without undue restrictions on its retail use and without precluding its wholesale functionality; reaffirms its full and unconditional support for the rollout of the digital euro as a priority instrument of European monetary sovereignty and a cornerstone of the euro’s international architecture; welcomes, in this regard, the ECB’s wholesale initiatives, notably Pontes and Appia; supports their more rapid implementation; |
Or. en
Amendment 77
Ľudovít Ódor, Stéphanie Yon-Courtin, Gilles Boyer
Motion for a resolution
Paragraph 12
| Motion for a resolution | Amendment |
| 12. Strongly supports the establishment of a European CBDC designed without undue restrictions on its retail use and without precluding its wholesale functionality; welcomes, in this regard, the ECB’s wholesale initiatives, notably Pontes and Appia; supports their more rapid implementation; | 12. Strongly supports the establishment of a European CBDC designed without undue restrictions on its retail use and without precluding its wholesale functionality; welcomes, in this regard, the ECB’s wholesale initiatives, notably Pontes and Appia; supports their more rapid implementation; believes these to be essential backbones that shall serve as a basis for further private sector's financial innovations and services; stresses these to enhance the strategic autonomy of the Union; |
Or. en
Amendment 78
Michalis Hadjipantela
Motion for a resolution
Paragraph 12
| Motion for a resolution | Amendment |
| 12. Strongly supports the establishment of a European CBDC designed without undue restrictions on its retail use and without precluding its wholesale functionality; welcomes, in this regard, the ECB’s wholesale initiatives, notably Pontes and Appia; supports their more rapid implementation; | 12. Stresses the role the ECB plays in maintaining trust in the euro and safeguarding monetary sovereignty; |
Or. en
Amendment 79
Fernando Navarrete Rojas, Isabel Benjumea Benjumea
Motion for a resolution
Paragraph 12
| Motion for a resolution | Amendment |
| 12. Strongly supports the establishment of a European CBDC designed without undue restrictions on its retail use and without precluding its wholesale functionality; welcomes, in this regard, the ECB’s wholesale initiatives, notably Pontes and Appia; supports their more rapid implementation; | 12. Strongly supports the establishment of a sovereign European digital payments infrastructure for retail use; |
Or. en
Amendment 80
Gilles Boyer, Stéphanie Yon-Courtin
Motion for a resolution
Paragraph 12
| Motion for a resolution | Amendment |
| 12. Strongly supports the establishment of a European CBDC designed without undue restrictions on its retail use and without precluding its wholesale functionality; welcomes, in this regard, the ECB’s wholesale initiatives, notably Pontes and Appia; supports their more rapid implementation; | 12. Strongly supports the establishment of a European CBDC designed without undue restrictions on its retail use and without precluding its wholesale functionality; welcomes, in this regard, the ECB’s wholesale initiatives, notably Pontes and Appia; supports their more rapid implementation; underlines the importance of interoperability with other international settlement systems; |
Or. en
Amendment 81
Jussi Saramo, Gaetano Pedulla', Pasquale Tridico
Motion for a resolution
Paragraph 12
| Motion for a resolution | Amendment |
| 12. Strongly supports the establishment of a European CBDC designed without undue restrictions on its retail use and without precluding its wholesale functionality; welcomes, in this regard, the ECB’s wholesale initiatives, notably Pontes and Appia; supports their more rapid implementation; | 12. Strongly supports the establishment of a European CBDC designed without undue restrictions on its retail use and without precluding its wholesale functionality; welcomes, in this regard, the ECB’s wholesale initiatives, notably Pontes and Appia; supports their more rapid implementation; calls for active participation in multi-central-bank interoperability projects; |
Or. en
Amendment 82
Dirk Gotink
Motion for a resolution
Paragraph 12
| Motion for a resolution | Amendment |
| 12. Strongly supports the establishment of a European CBDC designed without undue restrictions on its retail use and without precluding its wholesale functionality; welcomes, in this regard, the ECB’s wholesale initiatives, notably Pontes and Appia; supports their more rapid implementation; | 12. Strongly supports the establishment of a digital euro without precluding its wholesale functionality; welcomes, in this regard, the ECB’s wholesale initiatives, notably Pontes and Appia; supports their more rapid implementation; |
Or. en
Amendment 83
Markus Ferber
Motion for a resolution
Paragraph 12
| Motion for a resolution | Amendment |
| 12. Strongly supports the establishment of a European CBDC designed without undue restrictions on its retail use and without precluding its wholesale functionality; welcomes, in this regard, the ECB’s wholesale initiatives, notably Pontes and Appia; supports their more rapid implementation; | 12. Supports the development of a European CBDC that strengthens the euro's international role in wholesale markets; welcomes the ECB's wholesale initiatives, notably Pontes and Appia, and calls for their timely and orderly implementation; |
Or. en
Amendment 84
Siegbert Frank Droese
Motion for a resolution
Paragraph 12
| Motion for a resolution | Amendment |
| 12. Strongly supports the establishment of a European CBDC designed without undue restrictions on its retail use and without precluding its wholesale functionality; welcomes, in this regard, the ECB’s wholesale initiatives, notably Pontes and Appia; supports their more rapid implementation; | 12. Rejects the introduction of a digital euro as a mandatory or state-privileged means of payment; stresses that cash must be protected as legal tender over the long term and that any innovation in digital payments must be developed by the private sector, on a voluntary basis, in compliance with data protection rules, and must be free of any surveillance or control functions; |
Or. de
Amendment 85
Pierre Pimpie, Enikő Győri, Tomáš Kubín, Auke Zijlstra
Motion for a resolution
Paragraph 12
| Motion for a resolution | Amendment |
| 12. Strongly supports the establishment of a European CBDC designed without undue restrictions on its retail use and without precluding its wholesale functionality; welcomes, in this regard, the ECB’s wholesale initiatives, notably Pontes and Appia; supports their more rapid implementation; | 12. Notes the ongoing project for the establishment of a European CBDC, including the ECB’s wholesale initiatives such as Pontes and Appia; calls for clear safeguards regarding privacy, cybersecurity, financial stability and the continued availability of cash; |
Or. en
Amendment 86
Fernando Navarrete Rojas, Isabel Benjumea Benjumea
Motion for a resolution
Paragraph 12 – subparagraph 1 (new)
| Motion for a resolution | Amendment |
| Calls on the Commission to continue promoting the international role of the euro by developing a truly comprehensive strategy to enhance the efficiency and competitiveness of EU capital markets; stresses the need to advance the tokenisation of financial markets in a balanced manner, specifically by enabling both asset and cash legs to remain on-chain; highlights that to ensure financial stability issuers of on-chain euro denominated settlement assets should have direct or indirect access to central bank liquidity; |
Or. en
Amendment 87
Rasmus Andresen
Motion for a resolution
Paragraph 12 a (new)
| Motion for a resolution | Amendment |
| 12 a. Emphasises that a cheap, euro-based international digital payment system, such as a highly interoperable digital euro, would eliminate frictions and undue costs in remittance flows; underlines that providing this service would create a significant bottom-up economic incentive for resident and foreign households to adopt the digital euro, organically expanding the euro’s global footprint; |
Or. en
Amendment 88
Pasquale Tridico
Motion for a resolution
Paragraph 12 a (new)
| Motion for a resolution | Amendment |
| 12 a. Stresses that the digital euro should contribute to safeguarding European monetary sovereignty in an increasingly digital financial system by strengthening the role of public money in both retail and wholesale payments, reducing dependence on non-European private payment systems and supporting the international use of the euro in cross-border transactions; |
Or. en
Amendment 89
Ľudovít Ódor, Stéphanie Yon-Courtin, Gilles Boyer
Motion for a resolution
Paragraph 12 a (new)
| Motion for a resolution | Amendment |
| 12 a. Believes that tokenisation of euro-denominated assets might represent another opportunity how to strengthen the global role of euro; stresses that first mover advantage might be substantial, especially if it can lead to a widespread cross-border use of tokenised euro-denominated payment and settlement arrangements; |
Or. en
Amendment 90
Pasquale Tridico
Motion for a resolution
Paragraph 12 b (new)
| Motion for a resolution | Amendment |
| 12 b. Warns that the rapid expansion of US dollar-denominated stablecoins could reinforce digital dollarisation, increase structural dependence on US financial markets and weaken monetary sovereignty both within the Union and in partner economies; calls on the Commission and the ECB to ensure that the Union develops credible public and regulated euro-denominated digital payment alternatives; |
Or. en
Amendment 91
Nikos Papandreou, Jonás Fernández, Aurore Lalucq, Carla Tavares
Motion for a resolution
Paragraph 13
| Motion for a resolution | Amendment |
| 13. Stresses that reinforcing the euro’s role across cross-border value chains requires the further development of bilateral swap lines with EU Member States, which remain currently restricted; points out that expanding the Eurosystem’s international liquidity backstops to partner jurisdictions, including in the Global South, can help safeguard euro liquidity abroad and thereby enhance the offshore use of the euro; | 13. Stresses that reinforcing the euro’s role across cross-border value chains requires the further development of bilateral swap lines with EU Member States, which remain currently restricted; points out that expanding the Eurosystem’s international liquidity backstops to partner jurisdictions, including in the Global South, can help safeguard euro liquidity abroad and thereby enhance the offshore use of the euro; welcomes the Eurosystem repo facility EUREP as a contribution to euro liquidity provision abroad, while noting that its collateral requirements limit its accessibility to central banks in the process of building euro reserves rather than those already holding them; calls on the ECB to report annually to Parliament on the criteria applied to determine eligibility for swap line arrangements, and to assess whether those criteria adequately serve the objective of euro internationalisation, including with respect to the Global South; |
Or. en
Amendment 92
Fernando Navarrete Rojas, Isabel Benjumea Benjumea
Motion for a resolution
Paragraph 13
| Motion for a resolution | Amendment |
| 13. Stresses that reinforcing the euro’s role across cross-border value chains requires the further development of bilateral swap lines with EU Member States, which remain currently restricted; points out that expanding the Eurosystem’s international liquidity backstops to partner jurisdictions, including in the Global South, can help safeguard euro liquidity abroad and thereby enhance the offshore use of the euro; | 13. Stresses that reinforcing the euro’s role across cross-border value chains requires the further expansion of bilateral swap lines with EU Member States and internationally, which remain currently restricted; points out that expanding the Eurosystem’s international liquidity backstops to partner jurisdictions, can help safeguard euro liquidity abroad and thereby enhance the offshore use of the euro; highlights that liquidity lines - such as repo lines - are not substitutes for permanent FX swap lines, which are essential for fostering deep-seated trust in the euro’s global availability; |
Or. en
Amendment 93
Jussi Saramo
Motion for a resolution
Paragraph 13
| Motion for a resolution | Amendment |
| 13. Stresses that reinforcing the euro’s role across cross-border value chains requires the further development of bilateral swap lines with EU Member States, which remain currently restricted; points out that expanding the Eurosystem’s international liquidity backstops to partner jurisdictions, including in the Global South, can help safeguard euro liquidity abroad and thereby enhance the offshore use of the euro; | 13. Stresses that reinforcing the euro’s role across cross-border value chains requires the further development of bilateral swap lines with EU Member States; regrets that the ECB operates only a small number of bilateral swap lines that remain restricted; points out that expanding the Eurosystem’s international liquidity backstops to partner jurisdictions, including in the Global South, can help safeguard euro liquidity abroad and thereby enhance the offshore use of the euro; acknowledges that Ukraine has no ECB swap line and that a swap line would help reduce Ukraine's foreign-exchange strains; |
Or. en
Amendment 94
Ľudovít Ódor, Stéphanie Yon-Courtin, Gilles Boyer
Motion for a resolution
Paragraph 13
| Motion for a resolution | Amendment |
| 13. Stresses that reinforcing the euro’s role across cross-border value chains requires the further development of bilateral swap lines with EU Member States, which remain currently restricted; points out that expanding the Eurosystem’s international liquidity backstops to partner jurisdictions, including in the Global South, can help safeguard euro liquidity abroad and thereby enhance the offshore use of the euro; | 13. Welcomes the ECB’s enhanced Eurosystem repo facility for central banks (EUREP) which provides standing access to euro liquidity lines, in principle, for all international central banks; believes it to be a key tool helping safeguard euro liquidity abroad as well as financial stability within the Eurozone and thereby enhancing the offshore use of the euro; |
Or. en
Amendment 95
Pierre Pimpie, Auke Zijlstra, Tomáš Kubín
Motion for a resolution
Paragraph 13
| Motion for a resolution | Amendment |
| 13. Stresses that reinforcing the euro’s role across cross-border value chains requires the further development of bilateral swap lines with EU Member States, which remain currently restricted; points out that expanding the Eurosystem’s international liquidity backstops to partner jurisdictions, including in the Global South, can help safeguard euro liquidity abroad and thereby enhance the offshore use of the euro; | 13. Stresses that reinforcing the euro’s role across cross-border value chains requires the further development of bilateral swap lines with EU Member States, which remain currently restricted; points out that expanding the Eurosystem’s international liquidity backstops to partner jurisdictions, where such arrangements clearly serve the strategic and economic interests of the Union and its Members, can help safeguard euro liquidity abroad and thereby enhance the offshore use of the euro; |
Or. en
Amendment 96
Siegbert Frank Droese
Motion for a resolution
Paragraph 13
| Motion for a resolution | Amendment |
| 13. Stresses that reinforcing the euro’s role across cross-border value chains requires the further development of bilateral swap lines with EU Member States, which remain currently restricted; points out that expanding the Eurosystem’s international liquidity backstops to partner jurisdictions, including in the Global South, can help safeguard euro liquidity abroad and thereby enhance the offshore use of the euro; | 13. Stresses that reinforcing the euro’s role across cross-border value chains requires the further development of bilateral swap lines with EU Member States, which remain currently restricted; warns against extending the Eurosystem’s liquidity support to third countries insofar as this would give incur liability risks for taxpayers in the Member States or lead to the misuse of monetary policy instruments; |
Or. de
Amendment 97
Michalis Hadjipantela
Motion for a resolution
Paragraph 13
| Motion for a resolution | Amendment |
| 13. Stresses that reinforcing the euro’s role across cross-border value chains requires the further development of bilateral swap lines with EU Member States, which remain currently restricted; points out that expanding the Eurosystem’s international liquidity backstops to partner jurisdictions, including in the Global South, can help safeguard euro liquidity abroad and thereby enhance the offshore use of the euro; | 13. Stresses that reinforcing the euro’s role across cross-border value chains requires the further development of bilateral swap lines with EU Member States, which remain currently restricted; points out that expanding the Eurosystem’s international liquidity backstops to partner jurisdictions, can help safeguard euro liquidity abroad and thereby enhance the offshore use of the euro; |
Or. en
Amendment 98
Rasmus Andresen
Motion for a resolution
Paragraph 13 a (new)
| Motion for a resolution | Amendment |
| 13 a. Welcomes the expansion of the ECB’s euro liquidity-providing repo facility (EUREP); regrets, however, the limited transparency of aggregate weekly data instead of detailed disclosures regarding individual central bank access to EUREP; points out the diplomatic, trade and geopolitical implications of providing repo and swap lines to specific countries; calls on the ECB to provide periodic country-level disclosures within a reasonable time lag; invites the ECB to adequately consult and inform other EU institutions in the decision-making process for granting such liquidity facilities; |
Or. en
Amendment 99
Pasquale Tridico
Motion for a resolution
Paragraph 13 a (new)
| Motion for a resolution | Amendment |
| 13 a. Stresses that the international role of the euro depends on the availability of euro liquidity in times of stress; calls on the ECB, while preserving its independence, to further develop a transparent and strategically coherent framework for euro liquidity facilities, repo lines and swap arrangements with neighbouring countries, candidate countries and strategic partners, with a view to supporting financial stability, trade integration and the offshore use of the euro; |
Or. en
Amendment 100
Gilles Boyer, Stéphanie Yon-Courtin
Motion for a resolution
Paragraph 13 a (new)
| Motion for a resolution | Amendment |
| 13 a. Welcomes the development of multiple private European payment systems aiming to become pan-European, sovereign, interoperable payment networks capable of effectively competing with international card schemes established in third countries; underlines the complementarity between these private initiatives and the digital euro for European citizens; |
Or. en
Amendment 101
Rasmus Andresen
Motion for a resolution
Paragraph 13 b (new)
| Motion for a resolution | Amendment |
| 13 b. Stresses that developing a more strategic euro liquidity framework would support euro-denominated invoicing and settlement, reinforce financial stability among partner economies, help prevent disorderly exchange-rate pressures in countries and territories closely linked to the euro, including those maintaining euro pegs, enhance the global liquidity of European government bonds and reduce the risk of market stress impairing monetary-policy transmission; |
Or. en
Amendment 102
Pasquale Tridico
Motion for a resolution
Paragraph 13 b (new)
| Motion for a resolution | Amendment |
| 13 b. Considers that candidate countries and close neighbouring partners should benefit from enhanced financial integration with the euro area, including improved access to euro payment infrastructures, liquidity facilities and euro-denominated financing mechanisms, in order to strengthen economic convergence and reduce structural dependence on third-country currencies; |
Or. en
Amendment 103
Pasquale Tridico
Motion for a resolution
Paragraph 13 c (new)
| Motion for a resolution | Amendment |
| 13 c. Stresses that the Union should strengthen monetary and financial cooperation with partner countries in Africa, the Mediterranean region, Latin America and the Global South through euro-denominated financing, payment cooperation, infrastructure investment and liquidity arrangements, with a view to promoting a more balanced and resilient international monetary system; |
Or. en
Amendment 104
Markus Ferber
Motion for a resolution
Subheading 3
| Motion for a resolution | Amendment |
| Towards EU safe assets | deleted |
Or. en
Amendment 105
Angelika Winzig
Motion for a resolution
Subheading 3
| Motion for a resolution | Amendment |
| Towards EU safe assets | Deepening European capital markets |
Or. en
Amendment 106
Michalis Hadjipantela
Motion for a resolution
Subheading 3
| Motion for a resolution | Amendment |
| Towards EU safe assets | Towards stable public finances |
Or. en
Amendment 107
Dirk Gotink
Motion for a resolution
Paragraph 14
| Motion for a resolution | Amendment |
| 14. Calls for the development of a deep and liquid common European safe asset as a key precondition for strengthening the euro’s international role; points out that EU safe assets can provide high-quality collateral in international repo markets and offer a euro-denominated liquidity buffer alongside public backstops; underlines that, within the EU, such assets would reduce financing costs, help create a genuine European bond yield curve, which would deepen capital market integration, and weaken the bank-sovereign nexus; | deleted |
Or. en
Amendment 108
Markus Ferber
Motion for a resolution
Paragraph 14
| Motion for a resolution | Amendment |
| 14. Calls for the development of a deep and liquid common European safe asset as a key precondition for strengthening the euro’s international role; points out that EU safe assets can provide high-quality collateral in international repo markets and offer a euro-denominated liquidity buffer alongside public backstops; underlines that, within the EU, such assets would reduce financing costs, help create a genuine European bond yield curve, which would deepen capital market integration, and weaken the bank-sovereign nexus; | deleted |
Or. en
Amendment 109
Angelika Winzig
Motion for a resolution
Paragraph 14
| Motion for a resolution | Amendment |
| 14. Calls for the development of a deep and liquid common European safe asset as a key precondition for strengthening the euro’s international role; points out that EU safe assets can provide high-quality collateral in international repo markets and offer a euro-denominated liquidity buffer alongside public backstops; underlines that, within the EU, such assets would reduce financing costs, help create a genuine European bond yield curve, which would deepen capital market integration, and weaken the bank-sovereign nexus; | deleted |
Or. en
Amendment 110
Stephen Nikola Bartulica
Motion for a resolution
Paragraph 14
| Motion for a resolution | Amendment |
| 14. Calls for the development of a deep and liquid common European safe asset as a key precondition for strengthening the euro’s international role; points out that EU safe assets can provide high-quality collateral in international repo markets and offer a euro-denominated liquidity buffer alongside public backstops; underlines that, within the EU, such assets would reduce financing costs, help create a genuine European bond yield curve, which would deepen capital market integration, and weaken the bank-sovereign nexus; | deleted |
| (Common safe assets with mutualised debt undermine national fiscal responsibility and create perverse incentives.) |
Or. en
Amendment 111
Michalis Hadjipantela
Motion for a resolution
Paragraph 14
| Motion for a resolution | Amendment |
| 14. Calls for the development of a deep and liquid common European safe asset as a key precondition for strengthening the euro’s international role; points out that EU safe assets can provide high-quality collateral in international repo markets and offer a euro-denominated liquidity buffer alongside public backstops; underlines that, within the EU, such assets would reduce financing costs, help create a genuine European bond yield curve, which would deepen capital market integration, and weaken the bank-sovereign nexus; | deleted |
Or. en
Amendment 112
Nikos Papandreou, Jonás Fernández, Aurore Lalucq, Carla Tavares
Motion for a resolution
Paragraph 14
| Motion for a resolution | Amendment |
| 14. Calls for the development of a deep and liquid common European safe asset as a key precondition for strengthening the euro’s international role; points out that EU safe assets can provide high-quality collateral in international repo markets and offer a euro-denominated liquidity buffer alongside public backstops; underlines that, within the EU, such assets would reduce financing costs, help create a genuine European bond yield curve, which would deepen capital market integration, and weaken the bank-sovereign nexus; | 14. Calls for the development of a deep and liquid common European safe asset as a key precondition for strengthening the euro’s international role; points out that EU safe assets can provide high-quality collateral in international repo markets and offer a euro-denominated liquidity buffer alongside public backstops; underlines that, within the EU, such assets would reduce financing costs, help create a genuine European bond yield curve, which would deepen capital market integration, and weaken the bank-sovereign nexus; considers that a common safe asset constitutes an instrument — proportionate and suitable for the financing of European public goods such as common defence financing and common issuance is grounded in shared purpose, with conditionality and democratic accountability modelled on the NextGenerationEU precedent; notes that the geopolitical window for strengthening the euro’s international architecture is not permanent and that passivity or delay in issuing common safe assets, carries strategic risk and opportunity cost. |
Or. en
Amendment 113
Siegbert Frank Droese
Motion for a resolution
Paragraph 14
| Motion for a resolution | Amendment |
| 14. Calls for the development of a deep and liquid common European safe asset as a key precondition for strengthening the euro’s international role; points out that EU safe assets can provide high-quality collateral in international repo markets and offer a euro-denominated liquidity buffer alongside public backstops; underlines that, within the EU, such assets would reduce financing costs, help create a genuine European bond yield curve, which would deepen capital market integration, and weaken the bank-sovereign nexus; | 14. Rules out the establishment of common European safe-haven assets insofar as these are based on shared debt, joint liability or the mutualisation of national sovereign debt; stresses that sound public finances must be grounded in national budgetary discipline; |
Or. de
Amendment 114
Isabel Benjumea Benjumea
Motion for a resolution
Paragraph 14
| Motion for a resolution | Amendment |
| 14. Calls for the development of a deep and liquid common European safe asset as a key precondition for strengthening the euro’s international role; points out that EU safe assets can provide high-quality collateral in international repo markets and offer a euro-denominated liquidity buffer alongside public backstops; underlines that, within the EU, such assets would reduce financing costs, help create a genuine European bond yield curve, which would deepen capital market integration, and weaken the bank-sovereign nexus; | 14. Calls for the development of a deep and liquid common European safe asset to help strengthen the euro’s international role; points out that EU safe assets can provide high-quality collateral in international repo markets and offer a euro-denominated liquidity buffer alongside public backstops; underlines that, within the EU, such assets would reduce financing costs, help create a genuine European bond yield curve, which would deepen capital market integration, and weaken the bank-sovereign nexus; emphasises that any development in this regard must preserve Member States’ budgetary responsibilities, avoid unconditional mutualisation of risks and be fully consistent with the Union’s fiscal discipline and budgetary framework; |
Or. es
Amendment 115
Fernando Navarrete Rojas, Isabel Benjumea Benjumea
Motion for a resolution
Paragraph 14
| Motion for a resolution | Amendment |
| 14. Calls for the development of a deep and liquid common European safe asset as a key precondition for strengthening the euro’s international role; points out that EU safe assets can provide high-quality collateral in international repo markets and offer a euro-denominated liquidity buffer alongside public backstops; underlines that, within the EU, such assets would reduce financing costs, help create a genuine European bond yield curve, which would deepen capital market integration, and weaken the bank-sovereign nexus; | 14. Calls for the development of a deep and liquid common European safe asset as a key precondition for strengthening the euro’s international role; points out that EU safe assets can provide high-quality collateral in international repo markets and offer a euro-denominated liquidity buffer alongside public backstops; underlines that, within the EU, such assets would reduce financing costs, help create a genuine European bond yield curve, which would deepen capital market integration, and weaken the bank-sovereign nexus; stresses that this would provide a reliable benchmark for price formation in financial products |
Or. en
Amendment 116
Angelika Winzig
Motion for a resolution
Paragraph 14 a (new)
| Motion for a resolution | Amendment |
| 14 a. Emphasises the importance of deep and liquid euro-denominated capital markets for strengthening the international role of the euro and improving the availability of high-quality collateral in European financial markets; stresses that any discussion on potential European safe assets must fully respect Member States’ fiscal responsibilities, avoid permanent debt mutualisation and minimise moral hazard risks; |
Or. en
Amendment 117
Michalis Hadjipantela
Motion for a resolution
Paragraph 14 a (new)
| Motion for a resolution | Amendment |
| 14 a. Emphasises the need for sustainable and sound fiscal and structural growth-enhancing policies that are based on a commitment to credible fiscal rules to maintain the stability and integrity of the euro; |
Or. en
Amendment 118
Isabel Benjumea Benjumea
Motion for a resolution
Paragraph 15
| Motion for a resolution | Amendment |
| 15. Stresses that an EU safe asset can only fulfil these functions if issuance reaches a scale sufficient to create a deep and liquid market amounting to 20% of the EU’s GDP; underlines that this requires both new common issuance to finance European public goods and the exchange of part of the outstanding stock of national sovereign debt into common EU bonds; | deleted |
Or. es
Amendment 119
Michalis Hadjipantela
Motion for a resolution
Paragraph 15
| Motion for a resolution | Amendment |
| 15. Stresses that an EU safe asset can only fulfil these functions if issuance reaches a scale sufficient to create a deep and liquid market amounting to 20% of the EU's GDP; underlines that this requires both new common issuance to finance European public goods and the exchange of part of the outstanding stock of national sovereign debt into common EU bonds; | deleted |
Or. en
Amendment 120
Angelika Winzig
Motion for a resolution
Paragraph 15
| Motion for a resolution | Amendment |
| 15. Stresses that an EU safe asset can only fulfil these functions if issuance reaches a scale sufficient to create a deep and liquid market amounting to 20% of the EU's GDP; underlines that this requires both new common issuance to finance European public goods and the exchange of part of the outstanding stock of national sovereign debt into common EU bonds; | deleted |
Or. en
Amendment 121
Markus Ferber
Motion for a resolution
Paragraph 15
| Motion for a resolution | Amendment |
| 15. Stresses that an EU safe asset can only fulfil these functions if issuance reaches a scale sufficient to create a deep and liquid market amounting to 20% of the EU's GDP; underlines that this requires both new common issuance to finance European public goods and the exchange of part of the outstanding stock of national sovereign debt into common EU bonds; | deleted |
Or. en
Amendment 122
Dirk Gotink
Motion for a resolution
Paragraph 15
| Motion for a resolution | Amendment |
| 15. Stresses that an EU safe asset can only fulfil these functions if issuance reaches a scale sufficient to create a deep and liquid market amounting to 20% of the EU's GDP; underlines that this requires both new common issuance to finance European public goods and the exchange of part of the outstanding stock of national sovereign debt into common EU bonds; | deleted |
Or. en
Amendment 123
Pierre Pimpie, Enikő Győri, Tomáš Kubín, Auke Zijlstra
Motion for a resolution
Paragraph 15
| Motion for a resolution | Amendment |
| 15. Stresses that an EU safe asset can only fulfil these functions if issuance reaches a scale sufficient to create a deep and liquid market amounting to 20% of the EU's GDP; underlines that this requires both new common issuance to finance European public goods and the exchange of part of the outstanding stock of national sovereign debt into common EU bonds; | deleted |
Or. en
Amendment 124
Siegbert Frank Droese
Motion for a resolution
Paragraph 15
| Motion for a resolution | Amendment |
| 15. Stresses that an EU safe asset can only fulfil these functions if issuance reaches a scale sufficient to create a deep and liquid market amounting to 20% of the EU’s GDP; underlines that this requires both new common issuance to finance European public goods and the exchange of part of the outstanding stock of national sovereign debt into common EU bonds; | 15. Rejects any target figure for joint EU debt instruments, particularly that of 20% of the EU’s GDP; rules out both new common debt issuance and the exchange of national sovereign debt into common EU bonds; |
Or. de
Amendment 125
Nikos Papandreou, Jonás Fernández, Aurore Lalucq, Carla Tavares
Motion for a resolution
Paragraph 15
| Motion for a resolution | Amendment |
| 15. Stresses that an EU safe asset can only fulfil these functions if issuance reaches a scale sufficient to create a deep and liquid market amounting to 20% of the EU's GDP; underlines that this requires both new common issuance to finance European public goods and the exchange of part of the outstanding stock of national sovereign debt into common EU bonds; | 15. Stresses that an EU safe asset can only fulfil these functions if issuance reaches sufficient scale and liquidity to function as a genuine European benchmark; underlines that this should be achieved through new common issuance to finance genuine European public goods and club goods whose benefits are non-excludable within the Union, including defence and climate infrastructure, with conditionality attached to common purposes rather than to the conversion of existing national sovereign debt; |
Or. en
Amendment 126
Fernando Navarrete Rojas, Isabel Benjumea Benjumea
Motion for a resolution
Paragraph 15
| Motion for a resolution | Amendment |
| 15. Stresses that an EU safe asset can only fulfil these functions if issuance reaches a scale sufficient to create a deep and liquid market amounting to 20% of the EU's GDP; underlines that this requires both new common issuance to finance European public goods and the exchange of part of the outstanding stock of national sovereign debt into common EU bonds; | 15. Stresses that an EU safe asset can only fulfil these functions if issuance reaches a scale sufficient to create a deep and liquid market in the long term; |
Or. en
Amendment 127
Kinga Kollár
Motion for a resolution
Paragraph 15
| Motion for a resolution | Amendment |
| 15. Stresses that an EU safe asset can only fulfil these functions if issuance reaches a scale sufficient to create a deep and liquid market amounting to 20% of the EU's GDP; underlines that this requires both new common issuance to finance European public goods and the exchange of part of the outstanding stock of national sovereign debt into common EU bonds; | 15. Stresses that an EU safe asset can only fulfil these functions if issuance reaches a scale sufficient to create a deep and liquid market amounting to 20% of the EU's GDP; underlines that this requires both new common issuance to finance European public goods and the exchange of part of the outstanding stock of national sovereign debt into common EU bonds, which must be carried out in line with national debt management strategies especially in case of non-euro area Member States; |
Or. en
Amendment 128
Stephen Nikola Bartulica
Motion for a resolution
Paragraph 15
| Motion for a resolution | Amendment |
| 15. Stresses that an EU safe asset can only fulfil these functions if issuance reaches a scale sufficient to create a deep and liquid market amounting to 20% of the EU's GDP; underlines that this requires both new common issuance to finance European public goods and the exchange of part of the outstanding stock of national sovereign debt into common EU bonds; | 15. Stresses that any euro-area safe asset must be strictly limited to genuine European public goods with unanimous Member State agreement and no mutualisation of legacy national debts; underlines that sustainable international role of the euro requires sound national fiscal policies and credible no-bailout rules rather than large-scale common issuance. |
Or. en
Amendment 129
Isabel Benjumea Benjumea
Motion for a resolution
Paragraph 15 a (new)
| Motion for a resolution | Amendment |
| 15a. Stresses that the depth and liquidity of European bond markets should be improved as a matter of priority by integrating capital markets, reducing regulatory and fiscal barriers, consolidating Member States’ fiscal credibility and the prudent management of existing European instruments; rejects the idea that creating European safe assets should involve permanent or large-scale mutualisation of outstanding national sovereign debt; |
Or. es
Amendment 130
Angelika Winzig
Motion for a resolution
Paragraph 15 a (new)
| Motion for a resolution | Amendment |
| 15 a. Underlines that strengthening the international role of the euro requires a competitive and innovation-friendly European economy, including deeper and more integrated capital markets, the mobilisation of private and institutional investment, reduced regulatory barriers and improved financing opportunities for European scale-ups and innovative businesses; |
Or. en
Amendment 131
Pasquale Tridico
Motion for a resolution
Paragraph 15 a (new)
| Motion for a resolution | Amendment |
| 15 a. Stresses that a stronger international role for the euro requires the progressive development of a deep, liquid and permanent European safe asset market through regular and predictable EU-level issuance across maturities, capable of supporting international demand for euro-denominated reserve assets and strengthening European capital markets; |
Or. en
Amendment 132
Michalis Hadjipantela
Motion for a resolution
Paragraph 15 a (new)
| Motion for a resolution | Amendment |
| 15 a. Stresses that high sovereign debt levels significantly increase countries vulnerability to currency shocks, acting as a catalyst for potential financial crises; that elevated debt burdens also weaken fiscal credibility, causing investors to become more sensitive to fundamentals of economies concerned; |
Or. en
Amendment 133
Pasquale Tridico
Motion for a resolution
Paragraph 15 b (new)
| Motion for a resolution | Amendment |
| 15 b. Considers that common European borrowing linked to European public goods, including energy security, digital infrastructure, industrial transformation and climate investment, can contribute both to Europe’s strategic autonomy and to the strengthening of the international role of the euro; |
Or. en
Amendment 134
Angelika Winzig
Motion for a resolution
Paragraph 15 b (new)
| Motion for a resolution | Amendment |
| 15 b. Highlights the importance of financial literacy and retail investor participation in mobilising European savings and fostering long-term investment in the European economy; |
Or. en
Amendment 135
Pasquale Tridico
Motion for a resolution
Paragraph 15 c (new)
| Motion for a resolution | Amendment |
| 15 c. Underlines that the Savings and Investments Union is not only a financial integration project but also a strategic prerequisite for strengthening the international role of the euro by increasing the depth, liquidity and global attractiveness of European capital markets; |
Or. en
Amendment 136
Isabel Benjumea Benjumea
Motion for a resolution
Paragraph 16
| Motion for a resolution | Amendment |
| 16. Supports the establishment of a European debt agency, anchored in the EU's budgetary framework, that would consolidate existing borrowing programmes and future common issuance under one roof; considers that this would lower issuance costs across different legal regimes and help develop a more liquid market; | deleted |
Or. es
Amendment 137
Pierre Pimpie, Enikő Győri, Tomáš Kubín, Auke Zijlstra
Motion for a resolution
Paragraph 16
| Motion for a resolution | Amendment |
| 16. Supports the establishment of a European debt agency, anchored in the EU's budgetary framework, that would consolidate existing borrowing programmes and future common issuance under one roof; considers that this would lower issuance costs across different legal regimes and help develop a more liquid market; | deleted |
Or. en
Amendment 138
Markus Ferber
Motion for a resolution
Paragraph 16
| Motion for a resolution | Amendment |
| 16. Supports the establishment of a European debt agency, anchored in the EU's budgetary framework, that would consolidate existing borrowing programmes and future common issuance under one roof; considers that this would lower issuance costs across different legal regimes and help develop a more liquid market; | deleted |
Or. en
Amendment 139
Stephen Nikola Bartulica
Motion for a resolution
Paragraph 16
| Motion for a resolution | Amendment |
| 16. Supports the establishment of a European debt agency, anchored in the EU's budgetary framework, that would consolidate existing borrowing programmes and future common issuance under one roof; considers that this would lower issuance costs across different legal regimes and help develop a more liquid market; | deleted |
| (The establishment of a European debt agency would represent a significant step towards the mutualisation of sovereign debt and the centralisation of fiscal policy at EU level. This risks undermining national fiscal sovereignty, weakening market discipline, and creating moral hazard. Experience from the euro area debt crisis has shown that sustainable public finances are best ensured through sound national budgetary policies and credible no-bailout rules, rather than through new supranational institutions that consolidate borrowing programmes. Such an agency is neither necessary nor desirable for strengthening the international role of the euro.) |
Or. en
Amendment 140
Angelika Winzig
Motion for a resolution
Paragraph 16
| Motion for a resolution | Amendment |
| 16. Supports the establishment of a European debt agency, anchored in the EU's budgetary framework, that would consolidate existing borrowing programmes and future common issuance under one roof; considers that this would lower issuance costs across different legal regimes and help develop a more liquid market; | deleted |
Or. en
Amendment 141
Michalis Hadjipantela
Motion for a resolution
Paragraph 16
| Motion for a resolution | Amendment |
| 16. Supports the establishment of a European debt agency, anchored in the EU's budgetary framework, that would consolidate existing borrowing programmes and future common issuance under one roof; considers that this would lower issuance costs across different legal regimes and help develop a more liquid market; | deleted |
Or. en
Amendment 142
Fernando Navarrete Rojas, Isabel Benjumea Benjumea
Motion for a resolution
Paragraph 16
| Motion for a resolution | Amendment |
| 16. Supports the establishment of a European debt agency, anchored in the EU's budgetary framework, that would consolidate existing borrowing programmes and future common issuance under one roof; considers that this would lower issuance costs across different legal regimes and help develop a more liquid market; | 16. Supports the establishment of a European management debt office, anchored in the EU's budgetary framework, that would consolidate existing borrowing programmes (SURE, NGEU, MFA, BoP, and EFSM ) and future common issuance under one roof; considers that this would lower issuance costs across different legal regimes and help develop a more liquid market; EU debt issuance should be subject to fiscal rules to ensure its sustainability and AAA rating; |
Or. en
Amendment 143
Siegbert Frank Droese
Motion for a resolution
Paragraph 16
| Motion for a resolution | Amendment |
| 16. Supports the establishment of a European debt agency, anchored in the EU’s budgetary framework, that would consolidate existing borrowing programmes and future common issuance under one roof; considers that this would lower issuance costs across different legal regimes and help develop a more liquid market; | 16. Rules out the establishment of a European debt agency; stresses that the issuance and management of public debt must remain the responsibility of the Member States and that no permanent debt union must be created through institutionalised back channels; |
Or. de
Amendment 144
Dirk Gotink
Motion for a resolution
Paragraph 16
| Motion for a resolution | Amendment |
| 16. Supports the establishment of a European debt agency, anchored in the EU's budgetary framework, that would consolidate existing borrowing programmes and future common issuance under one roof; considers that this would lower issuance costs across different legal regimes and help develop a more liquid market; | 16. Supports the establishment of a European debt agency, anchored in the EU's budgetary framework, that would consolidate existing borrowing programmes under one roof and continuously monitor and scrutinise debt sustainability at both EU and national level; |
Or. en
Amendment 145
Nikos Papandreou, Jonás Fernández, Aurore Lalucq, Carla Tavares
Motion for a resolution
Paragraph 16 a (new)
| Motion for a resolution | Amendment |
| 16 a. Stresses that a stronger international role for the euro requires the completion of the Banking Union, including the establishment of a European Deposit Insurance Scheme (EDIS); underlines that without EDIS the bank-sovereign nexus remains structurally unresolved, creating fragmentation risk in stress scenarios that undermines the credibility of euro-denominated assets in international markets; recalls that cross-border capital flows stimulated by deeper euro internationalisation will amplify rather than reduce this fragmentation risk if the deposit guarantee architecture remains incomplete; considers Banking Union completion a structural prerequisite for euro internationalisation and not a parallel workstream to be pursued independently; |
Or. en
Amendment 146
Isabel Benjumea Benjumea
Motion for a resolution
Paragraph 16 a (new)
| Motion for a resolution | Amendment |
| 16a. Takes note of the debate on greater coordination of existing Union issuance programmes; emphasises that any institutional improvement should be limited to improving the transparency and efficiency of debt management, without creating a permanent common borrowing capacity or weakening Member States’ fiscal responsibility; |
Or. es
Amendment 147
Dirk Gotink
Motion for a resolution
Paragraph 16 a (new)
| Motion for a resolution | Amendment |
| 16 a. Stresses that any new common European safe assets should not be considered without firstly ensuring fiscal consolidation between EU Member States, improving national debt sustainability and restoring long-term financial health across the EU; warns that common EU safe assets could de-incentivise Member States from improving their fiscal situation; |
Or. en
Amendment 148
Michalis Hadjipantela
Motion for a resolution
Paragraph 16 a (new)
| Motion for a resolution | Amendment |
| 16 a. Reminds that high sovereign debt levels also inflate debt servicing costs and restricts fiscal flexibility to efficiently address challenges once they arrive, which can jeopardize a currency's reputation as a store of value; |
Or. en
Amendment 149
Angelika Winzig
Motion for a resolution
Paragraph 16 a (new)
| Motion for a resolution | Amendment |
| 16 a. Recalls that further risk sharing in the banking sector must be preceded by adequate risk reduction and continued efforts to reduce non-performing loans and sovereign-bank linkages; |
Or. en
Amendment 150
Nikos Papandreou, Jonás Fernández, Aurore Lalucq, Carla Tavares
Motion for a resolution
Paragraph 16 b (new)
| Motion for a resolution | Amendment |
| 16 b. Underlines that the international role of the dollar was established not through public issuance alone but through the depth, liquidity and integration of private US capital markets; stresses accordingly that euro internationalisation requires the full completion of Capital Markets Union, including harmonised insolvency frameworks across Member States, and genuine cross-border equity market integration; considers that European savings must no longer be predominantly intermediated through US capital markets; regards Capital Markets Union as a prerequisite of the euro internationalisation strategy; |
Or. en
Amendment 151
Michalis Hadjipantela
Motion for a resolution
Paragraph 16 a (new)
| Motion for a resolution | Amendment |
| 16 a. Notes that strong and competitive financial markets are key in strengthening the international role of a currency, therefore underlines the need for effective, proportionate and predictable regulation thereof, as well as acceleration of work towards completion of the Savings and Investments Union; |
Or. en
Amendment 152
Gilles Boyer, Stéphanie Yon-Courtin
Motion for a resolution
Paragraph 17
| Motion for a resolution | Amendment |
| 17. Underlines that US dollar-backed stablecoins actively reinforce the international dominance of the dollar, by increasing demand for US debt and further boosting the use of the dollar in international transactions; | 17. Underlines that US dollar-backed stablecoins actively reinforce the international dominance of the dollar, by increasing demand for US debt and further boosting the use of the dollar in international transactions; recalls however that MiCAR already provides safeguards against excessive reliance on non-EU-currency stablecoins, including quantitative limits on their use and supervisory intervention powers; encourages the Commission and the Member States to support the development of credible euro-denominated stablecoins as a means of strengthening the international role of the euro and the competitiveness of the Union's financial markets; |
Or. en
Amendment 153
Jussi Saramo, Gaetano Pedulla', Pasquale Tridico
Motion for a resolution
Paragraph 17 a (new)
| Motion for a resolution | Amendment |
| 17 a. Underlines that stablecoins offer only limited, if any, potential for euro internationalisation and should therefore not be treated as a pillar of any strategy to strengthen the international role of the euro; |
Or. en
Amendment 154
Nikos Papandreou, Jonás Fernández, Aurore Lalucq, Carla Tavares
Motion for a resolution
Paragraph 18
| Motion for a resolution | Amendment |
| 18. Warns that the circulation in the EU of fully fungible US dollar-denominated stablecoins issued by both EU and non-EU entities creates new financial stability risks by incentivising the concentration of reserves in the United States while shifting redemption pressure to the EU; strongly urges the Commission to clarify that such multi-issuance schemes are not permissible under the Markets in Crypto-Assets Regulation1 ; | 18. Warns that the circulation in the EU of fully fungible US dollar-denominated stablecoins issued by both EU and non-EU entities creates new financial stability risks by incentivising the concentration of reserves in the United States while shifting redemption pressure to the EU; strongly urges the Commission to clarify that such multi-issuance schemes are not permissible under the Markets in Crypto-Assets Regulation1 ; underlines that the strategic long-term response to the dominance of dollar-denominated digital instruments is the accelerated rollout of the digital euro, which as publicly issued central bank money provides unconditional backing, cannot be subject to third-country regulatory arbitrage, and strengthens European monetary sovereignty without dependence on private issuers; |
| _________________ | _________________ |
| 1 Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937 (OJ L 150, 9.6.2023, p. 40, ELI: http://data.europa.eu/eli/reg/2023/1114/oj). | 1 Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937 (OJ L 150, 9.6.2023, p. 40, ELI: http://data.europa.eu/eli/reg/2023/1114/oj). |
Or. en
Amendment 155
Markus Ferber
Motion for a resolution
Paragraph 18
| Motion for a resolution | Amendment |
| 18. Warns that the circulation in the EU of fully fungible US dollar-denominated stablecoins issued by both EU and non-EU entities creates new financial stability risks by incentivising the concentration of reserves in the United States while shifting redemption pressure to the EU; strongly urges the Commission to clarify that such multi-issuance schemes are not permissible under the Markets in Crypto-Assets Regulation1 ; | 18. Notes that the wide circulation in the EU of US dollar-denominated stablecoins raises legitimate questions about financial stability, reserve concentration and the relative attractiveness of euro-denominated alternatives; considers, however, that the appropriate response is to strengthen the competitiveness and uptake of euro-denominated stablecoins rather than to restrict market structures through broad prohibitions; calls on the Commission to assess, on the basis of evidence and within the existing MiCA framework, whether current supervisory tools are sufficient to address any systemic risks arising from large-scale foreign-currency stablecoin circulation in the EU, and to present targeted measures where gaps are identified; |
| _________________ | |
| 1 Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937 (OJ L 150, 9.6.2023, p. 40, ELI: http://data.europa.eu/eli/reg/2023/1114/oj). |
Or. en
Amendment 156
Gilles Boyer, Stéphanie Yon-Courtin
Motion for a resolution
Paragraph 18
| Motion for a resolution | Amendment |
| 18. Warns that the circulation in the EU of fully fungible US dollar-denominated stablecoins issued by both EU and non-EU entities creates new financial stability risks by incentivising the concentration of reserves in the United States while shifting redemption pressure to the EU; strongly urges the Commission to clarify that such multi-issuance schemes are not permissible under the Markets in Crypto-Assets Regulation1 ; | 18. Warns that the circulation in the EU of fully fungible US dollar-denominated stablecoins issued by both EU and non-EU entities creates new financial stability risks by incentivising the concentration of reserves in the United States while shifting redemption pressure to the EU; strongly urges the Commission, in close cooperation with the EBA, ESMA, the ECB and national competent authorities, to come forward, where appropriate, with targeted legislative measures to address the lack of legal certainty regarding multi-issuance schemes under the Markets in Crypto-Assets Regulation1 ; underlines the importance of international standards in this field; |
| _________________ | _________________ |
| 1 Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937 (OJ L 150, 9.6.2023, p. 40, ELI: http://data.europa.eu/eli/reg/2023/1114/oj). | 1 Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937 (OJ L 150, 9.6.2023, p. 40, ELI: http://data.europa.eu/eli/reg/2023/1114/oj). |
Or. en
Amendment 157
Michalis Hadjipantela
Motion for a resolution
Paragraph 18
| Motion for a resolution | Amendment |
| 18. Warns that the circulation in the EU of fully fungible US dollar-denominated stablecoins issued by both EU and non-EU entities creates new financial stability risks by incentivising the concentration of reserves in the United States while shifting redemption pressure to the EU; strongly urges the Commission to clarify that such multi-issuance schemes are not permissible under the Markets in Crypto-Assets Regulation1 ; | 18. Warns that the circulation in the EU of fully fungible US dollar-denominated stablecoins issued by both EU and non-EU entities creates new financial stability risks by incentivising the concentration of reserves in the United States while shifting redemption pressure to the EU; strongly urges the Commission to clarify the legal permissibility of the multi-issuance of stablecoins; |
| _________________ | |
| 1 Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937 (OJ L 150, 9.6.2023, p. 40, ELI: http://data.europa.eu/eli/reg/2023/1114/oj). |
Or. en
Amendment 158
Ľudovít Ódor, Stéphanie Yon-Courtin, Gilles Boyer
Motion for a resolution
Paragraph 18
| Motion for a resolution | Amendment |
| 18. Warns that the circulation in the EU of fully fungible US dollar-denominated stablecoins issued by both EU and non-EU entities creates new financial stability risks by incentivising the concentration of reserves in the United States while shifting redemption pressure to the EU; strongly urges the Commission to clarify that such multi-issuance schemes are not permissible under the Markets in Crypto-Assets Regulation1 ; | 18. Warns that the circulation in the EU of fully fungible US dollar-denominated stablecoins issued by both EU and non-EU entities creates new financial stability risks by incentivising the concentration of reserves in the United States while shifting redemption pressure to the EU; strongly urges the Commission to clarify the legal basis of such multi-issuance schemes under the Markets in Crypto-Assets Regulation1; |
| _________________ | _________________ |
| 1 Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937 (OJ L 150, 9.6.2023, p. 40, ELI: http://data.europa.eu/eli/reg/2023/1114/oj). | 1 Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937 (OJ L 150, 9.6.2023, p. 40, ELI: http://data.europa.eu/eli/reg/2023/1114/oj). |
Or. en
Amendment 159
Markus Ferber
Motion for a resolution
Paragraph 19
| Motion for a resolution | Amendment |
| 19. Warns of the risks to the EU's financial stability that could arise from a correction in highly leveraged markets, including the AI sector in the United States; stresses that such shocks may be amplified through EU banks’ reliance on short-term US dollar wholesale funding; underlines the need to monitor closely, beyond net current account balances, gross capital flows as a source of macroeconomic imbalances; | deleted |
Or. en
Amendment 160
Michalis Hadjipantela
Motion for a resolution
Paragraph 19
| Motion for a resolution | Amendment |
| 19. Warns of the risks to the EU's financial stability that could arise from a correction in highly leveraged markets, including the AI sector in the United States; stresses that such shocks may be amplified through EU banks’ reliance on short-term US dollar wholesale funding; underlines the need to monitor closely, beyond net current account balances, gross capital flows as a source of macroeconomic imbalances; | deleted |
Or. en
Amendment 161
Gilles Boyer, Stéphanie Yon-Courtin
Motion for a resolution
Paragraph 19
| Motion for a resolution | Amendment |
| 19. Warns of the risks to the EU's financial stability that could arise from a correction in highly leveraged markets, including the AI sector in the United States; stresses that such shocks may be amplified through EU banks’ reliance on short-term US dollar wholesale funding; underlines the need to monitor closely, beyond net current account balances, gross capital flows as a source of macroeconomic imbalances; | 19. Warns of the risks to the EU's financial stability that could arise from a correction in highly leveraged markets, including the AI sector in the United States; stresses that such shocks may be amplified through EU banks’ reliance on short-term US dollar wholesale funding; underlines the need to monitor closely, beyond net current account balances, gross capital flows as a source of macroeconomic imbalances; stresses that the Union should therefore pursue a balanced approach that safeguards financial stability while enabling responsible innovation and the development of competitive European digital financial markets; |
Or. en
Amendment 162
Gilles Boyer, Stéphanie Yon-Courtin
Motion for a resolution
Paragraph 19 a (new)
| Motion for a resolution | Amendment |
| 19 a. Calls for the completion of the Banking Union, including continued work on the establishment of a European Deposit Insurance Scheme (EDIS) which takes into account the risk profile of each participating sector, as well as measures to deepen market integration and facilitate the effective circulation of capital and liquidity within banking groups; |
Or. en
Amendment 163
Markus Ferber
Motion for a resolution
Subheading 5
| Motion for a resolution | Amendment |
| Investment for an EU industrial policy | deleted |
Or. en
Amendment 164
Ľudovít Ódor, Stéphanie Yon-Courtin, Gilles Boyer
Motion for a resolution
Subheading 5
| Motion for a resolution | Amendment |
| Investment for an EU industrial policy | Strengthening the economic foundations of the euro |
Or. en
Amendment 165
Isabel Benjumea Benjumea
Motion for a resolution
Paragraph 20
| Motion for a resolution | Amendment |
| 20. Considers that the EU’s core challenge is not a shortage of financial capital, but a lack of state capacity to direct it towards common strategic priorities at the necessary pace and scale; stresses that this requires an industrial policy that provides not only incentives, but also the necessary discipline; | 20. Considers that the EU’s core challenge is not a shortage of financial capital, but the existence of regulatory and fiscal barriers that act as a disincentive to European savings being channelled into investments in the European Union; stresses that, to mobilise private capital at the necessary scale, it is essential to complete the savings and investments union, the banking union, cut bureaucratic and fiscal burdens and improve the EU’s attractiveness as an investment destination; |
Or. es
Amendment 166
Ľudovít Ódor, Stéphanie Yon-Courtin, Gilles Boyer
Motion for a resolution
Paragraph 20
| Motion for a resolution | Amendment |
| 20. Considers that the EU's core challenge is not a shortage of financial capital, but a lack of state capacity to direct it towards common strategic priorities at the necessary pace and scale; stresses that this requires an industrial policy that provides not only incentives, but also the necessary discipline; | 20. Considers that one of the challenges for the euro’s international status is the fragmentation of European capital markets, which leads to an outflow of domestic savings; acknowledges that for a truly global euro, the EU needs not only financial stability and predictable rule of law, but foremost a competitive economy; calls therefore for the timely completion of the Savings and Investments Union and related policy initiatives that will deliver a globally competitive regulatory toolbox; |
Or. en
Amendment 167
Markus Ferber
Motion for a resolution
Paragraph 20
| Motion for a resolution | Amendment |
| 20. Considers that the EU's core challenge is not a shortage of financial capital, but a lack of state capacity to direct it towards common strategic priorities at the necessary pace and scale; stresses that this requires an industrial policy that provides not only incentives, but also the necessary discipline; | 20. Considers that the EU's core challenge is to create the conditions for private capital to flow efficiently into strategic investment priorities; stresses that this requires deepening the Savings and Investment Union, reducing barriers to cross-border investment, and ensuring a regulatory environment that makes the EU an attractive destination for both domestic and international capital; considers that this will also help foster the international role of the euro; |
Or. en
Amendment 168
Siegbert Frank Droese
Motion for a resolution
Paragraph 20
| Motion for a resolution | Amendment |
| 20. Considers that the EU’s core challenge is not a shortage of financial capital, but a lack of state capacity to direct it towards common strategic priorities at the necessary pace and scale; stresses that this requires an industrial policy that provides not only incentives, but also the necessary discipline; | 20. Considers that the EU’s core challenge is not a shortage of financial capital, but a lack of state capacity to direct it towards common strategic priorities at the necessary pace and scale; stresses that the best way to improve competitiveness is by reducing energy prices, cutting bureaucracy and regulatory burdens, providing tax relief and ensuing investment security and openness to technology; rejects any centrally controlled EU industrial policy; |
Or. de
Amendment 169
Pierre Pimpie, Enikő Győri, Tomáš Kubín, Auke Zijlstra
Motion for a resolution
Paragraph 20
| Motion for a resolution | Amendment |
| 20. Considers that the EU's core challenge is not a shortage of financial capital, but a lack of state capacity to direct it towards common strategic priorities at the necessary pace and scale; stresses that this requires an industrial policy that provides not only incentives, but also the necessary discipline; | 20. Considers that the EU's core challenge is not a shortage of financial capital, but the lack of ability to mobilise private and public investment efficiently towards common strategic priorities at the necessary pace and scale; stresses that this requires an industrial policy that provides not only incentives, but also the necessary discipline through a joint effort from the Union and the Member States; |
Or. en
Amendment 170
Fernando Navarrete Rojas, Isabel Benjumea Benjumea
Motion for a resolution
Paragraph 20
| Motion for a resolution | Amendment |
| 20. Considers that the EU's core challenge is not a shortage of financial capital, but a lack of state capacity to direct it towards common strategic priorities at the necessary pace and scale; stresses that this requires an industrial policy that provides not only incentives, but also the necessary discipline; | 20. Considers that the EU's core challenge is not a shortage of financial capital, but a lack of capacity to direct it towards common strategic priorities at the necessary pace and scale; |
Or. en
Amendment 171
Angelika Winzig
Motion for a resolution
Paragraph 20
| Motion for a resolution | Amendment |
| 20. Considers that the EU's core challenge is not a shortage of financial capital, but a lack of state capacity to direct it towards common strategic priorities at the necessary pace and scale; stresses that this requires an industrial policy that provides not only incentives, but also the necessary discipline; | 20. Considers that the EU's core challenge is not a shortage of financial capital, but persistent barriers to investment, market fragmentation and insufficient incentives for private capital to remain and scale within Europe. |
Or. en
Amendment 172
Dirk Gotink
Motion for a resolution
Paragraph 20
| Motion for a resolution | Amendment |
| 20. Considers that the EU's core challenge is not a shortage of financial capital, but a lack of state capacity to direct it towards common strategic priorities at the necessary pace and scale; stresses that this requires an industrial policy that provides not only incentives, but also the necessary discipline; | 20. Considers that the EU's core challenge is not a shortage of financial capital, but a lack of mobilisation of this capital for investments and the ability of capital to be invested cross-border; stresses that this requires an industrial policy that provides not only incentives, but also the necessary discipline; |
Or. en
Amendment 173
Fernando Navarrete Rojas, Isabel Benjumea Benjumea
Motion for a resolution
Paragraph 20 a (new)
| Motion for a resolution | Amendment |
| 20 a. Stresses that completing the Savings and Investment Union and the single market will be the main drivers for achieving deeper and more competitive capital markets, enabling the channelling of European citizens’ savings into productive investments within the EU; reiterates that the MIS Package, and especially a globally interoperable DLT infrastructure, represent a strategic opportunity to gain ground against foreign currencies, not only by increasing capital flows into euro-denominated financial products but also by fostering broader economic growth; |
Or. en
Amendment 174
Jussi Saramo, Gaetano Pedulla', Pasquale Tridico
Motion for a resolution
Paragraph 20 a (new)
| Motion for a resolution | Amendment |
| 20 a. Acknowledges that the EU has in place an institutional framework that would further strengthen the role of the euro as the currency underpinning the green transition; notes that this is due to, for example, its sustainable finance policies and the ECB's framework for the decarbonisation of monetary policy; is, therefore, concerned about the negative effects of the Commission's deregulatory omnibus agenda and calls for the implementation and enforcement of green finance standards; |
Or. en
Amendment 175
Isabel Benjumea Benjumea
Motion for a resolution
Paragraph 21
| Motion for a resolution | Amendment |
| 21. Supports the establishment of an EU sovereignty fund as an effective instrument to reduce reliance on US asset managers and redirect European savings from US equity markets towards strategic investment in the EU; | deleted |
Or. es
Amendment 176
Markus Ferber
Motion for a resolution
Paragraph 21
| Motion for a resolution | Amendment |
| 21. Supports the establishment of an EU sovereignty fund as an effective instrument to reduce reliance on US asset managers and redirect European savings from US equity markets towards strategic investment in the EU; | deleted |
Or. en
Amendment 177
Michalis Hadjipantela
Motion for a resolution
Paragraph 21
| Motion for a resolution | Amendment |
| 21. Supports the establishment of an EU sovereignty fund as an effective instrument to reduce reliance on US asset managers and redirect European savings from US equity markets towards strategic investment in the EU; | deleted |
Or. en
Amendment 178
Fernando Navarrete Rojas, Isabel Benjumea Benjumea
Motion for a resolution
Paragraph 21
| Motion for a resolution | Amendment |
| 21. Supports the establishment of an EU sovereignty fund as an effective instrument to reduce reliance on US asset managers and redirect European savings from US equity markets towards strategic investment in the EU; | deleted |
Or. en
Amendment 179
Nikos Papandreou, Jonás Fernández, Aurore Lalucq, Carla Tavares
Motion for a resolution
Paragraph 21
| Motion for a resolution | Amendment |
| 21. Supports the establishment of an EU sovereignty fund as an effective instrument to reduce reliance on US asset managers and redirect European savings from US equity markets towards strategic investment in the EU; | 21. Supports the establishment of an EU strategic investment instrument designed to deepen European capital markets and channel long-term European savings towards strategic investment priorities within the Union; considers that such an instrument should complement Capital Markets Union objectives by building the market depth and liquidity that would make European assets genuinely competitive with global alternatives, and should be anchored in the EU’s budgetary framework with full accountability to Parliament; |
Or. en
Amendment 180
Stephen Nikola Bartulica
Motion for a resolution
Paragraph 21
| Motion for a resolution | Amendment |
| 21. Supports the establishment of an EU sovereignty fund as an effective instrument to reduce reliance on US asset managers and redirect European savings from US equity markets towards strategic investment in the EU; | 21. Rejects the establishment of an EU sovereignty fund as it risks politicising investment decisions and misallocating savings; emphasises that redirecting capital towards productive uses in the EU is best achieved through structural reforms, completion of the Capital Markets Union on market principles, and improving the business environment at national level. |
Or. en
Amendment 181
Dirk Gotink
Motion for a resolution
Paragraph 21
| Motion for a resolution | Amendment |
| 21. Supports the establishment of an EU sovereignty fund as an effective instrument to reduce reliance on US asset managers and redirect European savings from US equity markets towards strategic investment in the EU; | 21. Supports the establishment of an EU sovereignty fund as an effective instrument to reduce reliance on US asset managers; |
Or. en
Amendment 182
Rasmus Andresen
Motion for a resolution
Paragraph 21
| Motion for a resolution | Amendment |
| 21. Supports the establishment of an EU sovereignty fund as an effective instrument to reduce reliance on US asset managers and redirect European savings from US equity markets towards strategic investment in the EU; | 21. Supports the establishment of an EU sovereignty fund as an effective instrument to reduce reliance on US asset managers and redirect European savings from US equity markets towards strategic and long-term productive investment in the EU; |
Or. en
Amendment 183
Pierre Pimpie, Enikő Győri, Auke Zijlstra
Motion for a resolution
Paragraph 21
| Motion for a resolution | Amendment |
| 21. Supports the establishment of an EU sovereignty fund as an effective instrument to reduce reliance on US asset managers and redirect European savings from US equity markets towards strategic investment in the EU; | 21. Supports intergovernmental financial instruments to reduce reliance on US asset managers and redirect European savings from US equity markets towards strategic investment in the EU; |
Or. en
Amendment 184
Siegbert Frank Droese
Motion for a resolution
Paragraph 21
| Motion for a resolution | Amendment |
| 21. Supports the establishment of an EU sovereignty fund as an effective instrument to reduce reliance on US asset managers and redirect European savings from US equity markets towards strategic investment in the EU; | 21. Rejects the establishment of an EU sovereignty fund insofar as it involves new EU own resources, shared debt, the political allocation of capital or additional burdens on citizens and businesses; |
Or. de
Amendment 185
Isabel Benjumea Benjumea
Motion for a resolution
Paragraph 21 a (new)
| Motion for a resolution | Amendment |
| 21a. Stresses that European savings should be mobilised towards productive investments in the Union through integrated and competitive capital markets, greater retail investor participation, appropriate investment incentives and a stable regulatory framework; rejects the idea that savers’ investment decisions should be politically steered or restricted on the grounds of asset managers’ nationality; |
Or. es
Amendment 186
Michalis Hadjipantela
Motion for a resolution
Paragraph 21 a (new)
| Motion for a resolution | Amendment |
| 21 a. Stresses that, besides its primary mandate of maintaining price stability, the ECB is tasked with promoting the smooth operation of payment systems; |
Or. en
Amendment 187
Nikos Papandreou, Jonás Fernández, Aurore Lalucq, Carla Tavares
Motion for a resolution
Paragraph 22
| Motion for a resolution | Amendment |
| 22. Calls on the Commission and the ECB to present, by the end of 2026, a joint euro internationalisation strategy to Parliament and the Council for approval; | 22. Takes note of EU leaders tasking the Council, the Commission and the ECB, with the involvement of the Eurogroup, to advance work on the international role of the euro; calls on the institutions to advance this work without delay; Calls on the Commission and the ECB to present, by the end of 2026, a joint euro internationalisation strategy to Parliament before its finalisation; underlines that Parliament shall have the opportunity to submit a formal opinion to which the Commission and the ECB must respond in writing within three months; considers that democratic accountability for strategic decisions determining the euro’s international architecture requires genuine parliamentary participation, not mere notification; |
Or. en
Amendment 188
Ľudovít Ódor, Stéphanie Yon-Courtin, Gilles Boyer
Motion for a resolution
Paragraph 22
| Motion for a resolution | Amendment |
| 22. Calls on the Commission and the ECB to present, by the end of 2026, a joint euro internationalisation strategy to Parliament and the Council for approval; | 22. Calls on the Commission, the Council and the ECB, as appropriate with the Eurogroup to deliver on reinforcing the global role of the euro, including as a reserve and a transaction currency, as laid out in the Council conclusions of 26 June 20251a; calls on the ECB to present and reflect the outcome of any such measures in its annual International Role of the euro report; |
| _________________ | |
| 1a European Council conclusions of 26 June 2025 (EUCO 12/25) |
Or. en
Amendment 189
Stephen Nikola Bartulica
Motion for a resolution
Paragraph 22
| Motion for a resolution | Amendment |
| 22. Calls on the Commission and the ECB to present, by the end of 2026, a joint euro internationalisation strategy to Parliament and the Council for approval; | 22. Calls on the Commission and the ECB to present, by the end of 2026, a joint report to Parliament and the Council analysing market-driven barriers and opportunities for greater euro use, fully respecting the monetary policy independence of the ECB and the fiscal sovereignty of Member States; |
Or. en
Amendment 190
Siegbert Frank Droese
Motion for a resolution
Paragraph 22
| Motion for a resolution | Amendment |
| 22. Calls on the Commission and the ECB to present, by the end of 2026, a joint euro internationalisation strategy to Parliament and the Council for approval; | 22. Calls on the Commission and the ECB to present, by the end of 2026, a report to Parliament and the Council on the impact of possible measures to strengthen the euro in terms of price stability, national budgetary sovereignty, the use of cash, competitiveness and liability risks for Member States; |
Or. de
Amendment 191
Michalis Hadjipantela
Motion for a resolution
Paragraph 22
| Motion for a resolution | Amendment |
| 22. Calls on the Commission and the ECB to present, by the end of 2026, a joint euro internationalisation strategy to Parliament and the Council for approval; | 22. Calls on the Commission, after consulting the ECB, to present, by the end of 2026, a joint euro internationalisation strategy to Parliament and the Council for deliberations; |
Or. en
Amendment 192
Markus Ferber
Motion for a resolution
Paragraph 22
| Motion for a resolution | Amendment |
| 22. Calls on the Commission and the ECB to present, by the end of 2026, a joint euro internationalisation strategy to Parliament and the Council for approval; | 22. Calls on the Commission and the ECB to present, by the end of 2026, a joint euro internationalisation strategy to Parliament and the Council for consideration; |
Or. en
Amendment 193
Siegbert Frank Droese
Motion for a resolution
Paragraph 22 a (new)
| Motion for a resolution | Amendment |
| 22a. Stresses that cash must be preserved in the long term as an expression of individual financial freedom and privacy, as well as participation in society; calls on the Commission and the Member States to ensure that cash is readily accepted and available across the EU; |
Or. de
Amendment 194
Siegbert Frank Droese
Motion for a resolution
Paragraph 22 b (new)
| Motion for a resolution | Amendment |
| 22b. Stresses that the ECB must remain strictly bound by its price-stability mandate; rejects any extension of monetary policy tasks to encompass industrial policy, climate policy, geopolitical strategy or fiscal stabilisation; |
Or. de
Amendment 195
Siegbert Frank Droese
Motion for a resolution
Paragraph 22 c (new)
| Motion for a resolution | Amendment |
| 22c. Notes that the way to strengthen the euro’s credibility is not by issuing new common debt, but rather by exercising budgetary discipline, pursuing sound national economic policies, and ensuring lower inflation, less regulation and competitive businesses; |
Or. de
Amendment 196
Siegbert Frank Droese
Motion for a resolution
Paragraph 22 d (new)
| Motion for a resolution | Amendment |
| 22d. Rules out any measure that may lead to a transfer, liability or debt union; reiterates that Member States must remain responsible for their own budgetary decisions; |
Or. de