Traduction de «Assainissement monétaire » (Français → Anglais) :

16. Emphasises that convergence between national tax systems in the EU has been very limited despite an unprecedented deepening of the EU integration process over the last 30 years, particularly in connection with the single market and the Economic and Monetary Union; deplores the fact that coordination of national tax systems lags far behind when compared with coordination efforts in other areas at EU level, in particular in the framework of the European Semester, although, apart from the relevance of measures on the expenditure side, a significant part of the policy mix to ensure fiscal consolidation concerns the revenue side; takes ...[+++]the view that this aspect should have been mentioned in the Five Presidents’ report on ‘Completing Europe’s Economic and Monetary Union’ of June 2015;

28. Agrees that the ECB’s action, which came in addition to structural reforms and the consolidation of public finances, has ‘decisively contributed to the stability of the euro area’; recognises that this action has had the effect of decreasing unsustainably high financing costs for some Member States through the Securities Market Programme (SMP) and providing a liquidity backstop for sovereign debt markets through Outright Monetary Transactions (OMTs), averting a melt-down of the banking sector and helping to sever the link between banks and sovereigns, limiting speculation on sovereign debt and temporarily reducing excessive spreads; considers, however, that a lack of sustainable growth and high (and still growing) levels of private an ...[+++]d public debt in many Member States mean that ’a carefully managed process of deleveraging’ is required; agrees with the Commission that the improvement of the health of the banking sector must remain a priority; welcomes the establishment by the Commission, according to thecommitment it made to Parliament in the declaration annexed to the two-pack, of the high-level group chaired by Gertrude Tumpel-Gugerell to deepen the analysis on, and assess thoroughly the partial substitution of national debt issuance through joint issuance in the form of a redemption fund and eurobills, considering the pros and cons of the different options ; looks forward to the report of the high-level group;

Following the 1998 Russian currency crisis, a period of fiscal consolidation ended abruptly in 1999 when the deficit surged to 5.3 percent of GDP.

The proposals that have been made in the reports are inconsistent in many respects. This is shown by the fact that for two years now there has been a consistent policy of calling the Stability and Growth Pact into question and of undermining it in every possible respect and with every possible proposal, with the sole aim of ensuring that the consolidation of state budgets in several Member States is no longer recognised as a necessary precondition for stable finances and a stable economic and monetary policy.

– The next item is the recommendation for second reading (A5-0019/2001) by Mrs Peijs, on behalf of the Committee on Economic and Monetary Affairs, on the Council common position for adopting a European Parliament and Council directive on the reorganisation and winding-up of insurance undertakings (8975/3/00 – C5-0521/2000 – 1986/0080(COD)).

Recommendation for second reading (A5-0369/2000 ) by Mrs Peijs, on behalf of the Committee on Economic and Monetary Affairs, on the Council common position for adopting a European Parliament and Council directive on the reorganisation and winding up of credit institutions [8733/2/2000 – C5-0423/2000 – 1985/0046(COD)].