European Semester for economic policy coordination 2024

Wording as published by the EP, in English.

1. Amendment 1Rejected

   Recital A a (new)

   Tabled by Marc Botenga · The Left

   Added: Aa. whereas Belgium, as the country holding the presidency of the Council, could decide not to add to the Council’s formal agenda the approval and adoption of the revised economic governance rules;

2. Amendment 2Rejected

   Recital H a (new)

   Tabled by José Gusmão, Manon Aubry, Martin Schirdewan · The Left

   Added: Ha. whereas the 3 % government deficit-to-GDP ratio and 60 % public debt-to-GDP ratio are arbitrary figures set without sound economic rationale, and, therefore, are not appropriate references to guide the economic policies of the Member States;

3. Amendment 3Rejected

   Paragraph 9 a (new)

   Tabled by Marc Botenga, Manon Aubry, José Gusmão +2 · The Left

   Added: 9a. Calls on the Council and all Member States to reject the proposed revised economic governance rules, as their adoption would impose devastating austerity measures throughout the European Union;

4. Amendment 4Rejected

   Paragraph 11 a (new)

   Tabled by Marc Botenga, Manon Aubry, Martin Schirdewan +1 · The Left

   Added: 11a. Calls on the Commission to withdraw its proposal for the reform of the economic governance rules, as adoption of the revised rules would impose devastating austerity measures throughout the European Union;

5. Amendment 5Rejected

   Paragraph 17 a (new)

   Tabled by Manon Aubry · The Left

   Added: 17a. Deeply regrets the return to austerity resulting from the fiscal rules agreed in the economic governance review; warns that these new rules will entail a massive, unrealistic and unsustainable fiscal adjustment by some Member States to comply with the imposed debt and deficit reduction criteria; underlines that France, for example, could be required to make an adjustment of up to EUR 24 billion per year over four years or EUR 16 billion per year over seven years; emphasises that such a steep reduction in public expenditure will have terrible social consequences, as it will be enforced through a squeeze of public services, leading to their deterioration, through structural reforms that weaken workers’ rights and social protection, and through chronic underinvestment in critical collective and public infrastructures, in line with the general orientation of the European Union’s economic governance so far;

6. Amendment 6Rejected

   Paragraph 17 b (new)

   Tabled by Manon Aubry · The Left

   Added: 17b. Expresses its concern about measures taken by governments of some Member States to reduce debt-to-GDP and deficit-to-GDP ratios, even before the revised fiscal rules enter into force; takes the view that, for example, the EUR 10 billion budgetary cuts carried out by the French Government as a financial correction for 2024 are unacceptable; underlines that this correction entails, among other things, a cut of 11 000 school places in an already depleted education system and a dramatic setback for domestic thermal insulation projects, despite these being an essential element in reducing households’ energy bills and a key measure for lowering greenhouse gas emissions; is convinced that these examples epitomise the social and environmental regression that will occur, to a much greater extent, once the revised fiscal rules are in place;

7. Amendment 7Rejected

   Paragraph 17 c (new)

   Tabled by Manon Aubry, Martin Schirdewan · The Left

   Added: 17c. Is concerned that the revised economic governance framework will, without any doubt, result in hindering, delaying or lowering the ambition of investment in a fair, ecological transition, by putting a cap on investments or making them conditional on arbitrary and misguided fiscal targets; states that orienting the framework for coordinating European Union economic policies in this way is dangerous, totally disconnected from scientific reality and completely unfit to address the challenges ahead;

8. Amendment 8Rejected

   Paragraph 17 d (new)

   Tabled by Manon Aubry, Martin Schirdewan, Manu Pineda · The Left

   Added: 17d. Proposes that, instead of promoting budgetary cuts and harmful structural reforms in the name of debt reduction, the European Union should establish an economic governance framework that favours and facilitates the collection by the European Union and Member States of additional resources through fair taxation, specifically, taxes on the wealthiest and on multinational companies, in particular on windfall profits, and taxes on environmentally harmful products and services, as well as facilitating the cancellation of ineffective and unfair exemptions to tax and social contributions and the combating of tax dodging and tax evasion by rich individuals and multinational companies;

9. Amendment 9Rejected

   Paragraph 17 e (new)

   Tabled by José Gusmão, Manon Aubry, Martin Schirdewan +1 · The Left

   Added: 17e. Regrets that the revision of the European Union’s economic governance framework is based on a strategy of reducing public spending instead of finding new revenue sources, which implies a return to austerity; deplores the failure of the revision to ensure sufficient fiscal space to promote public investment in the green transition, public services and upward social convergence; warns that the new rules will require a massive, unrealistic and unsustainable fiscal adjustment by some Member States to comply with the imposed debt and deficit reduction criteria; underlines that even the IMF has acknowledged that fiscal consolidation, on average, does not reduce the debt-to-GDP ratio, which means that austerity fails to achieve its own objectives;

10. Amendment 10Rejected

    Paragraph 17 f (new)

    Tabled by José Gusmão, Manon Aubry, Manu Pineda · The Left

    Added: 17f. Expresses its concern about measures taken by governments of some Member States to reduce debt-to-GDP and deficit-to-GDP ratios, even before the revised fiscal rules enter into force;

11. Amendment 11Rejected

    Paragraph 17 g (new)

    Tabled by José Gusmão, Manon Aubry, Martin Schirdewan +1 · The Left

    Added: 17g. Regrets that the review of economic governance led to a set of transitionary band-aid measures that perpetuate the flaws of the current model while being unable to cope with the social and ecological challenges ahead; reaffirms that the coordination of economic policies in the EU should aim at eradicating poverty and inequalities, providing a high level of social protection and enhancing qualitative public services, individual and collective well-being through the fulfilment of the essential needs of all citizens and ecological long-term planning;

12. Amendment 12Rejected

    Paragraph -1 (new)

    Tabled by João Pimenta Lopes, Sandra Pereira, Manu Pineda · The Left

    Added: -1. Considers that, as the current socio-economic state of affairs brings to the fore, the Stability and Growth Pact and the Economic Governance of the European Union undermine the ability of Member States to address social and economic problems and needs properly, whether cyclical or structural;

13. Amendment 13Rejected

    Paragraph -1 a (new)

    Tabled by João Pimenta Lopes, Sandra Pereira, Manu Pineda · The Left

    Added: -1a. Calls for the repeal of the Stability and Growth Pact, the six-pack and two-pack economic governance legislation, the European Semester, the Fiscal Compact, and all mechanisms that restrict Member States’ room for manoeuvre when promoting public investment, financing public services and their social roles; calls for that pact to be replaced by a Social Progress and Employment Pact that has the following objectives: – respect for the sovereignty of each state, ensuring the conditions for its economic and social development in order to overcome structural deficits and improve its productive capacity; – combating unemployment and encouraging full employment, defending and contributing to strengthening labour and other social rights, safeguarding and promoting collective bargaining and eradicating precariousness; – promoting the defence and strengthening of public services and the social functions of states, particularly access to the right to health, education, social security, housing and culture; – effectively encouraging the achievement of the principles of economic, social and territorial cohesion and environmental sustainability;

14. Amendment 14Rejected

    Paragraph –1 (new)

    Tabled by Kira Marie PeterHansen · Verts/ALE

    Added: –1. Expresses its concern at the euro area’s economic weakness, with clear risks of a recession; notes that Member States’ fiscal policy has already been restrictive in 2023 and 2024, with additional budget consolidation expected in line with the reformed fiscal rules;

15. Amendment 15Rejected

    Paragraph 12 a (new)

    Tabled by Kira Marie PeterHansen · Verts/ALE

    Added: 12a. Notes that, in view of the unusually high investment needs, public investment will have to be increased to complement and accelerate private investment; points out that many Member States will face difficulties in significantly increasing national public investment, in view of the debt and deficit reduction requirements of the reformed EU fiscal rules; highlights the benefits of providing joint funding at EU level to reduce pressure on national budgets and to ensure that EU policy priorities are adequately funded everywhere;

16. Amendment 16Rejected

    Paragraph 3

    Tabled by Eugen Jurzyca · ECR

    … accompanied with growth- and resilience-enhancing reforms; calls attention to the investments in Added: nuclear energy, renewables and energy efficiency that are needed to, among other things, make …

17. Amendment 17Rejected

    Paragraph 12

    Tabled by Eugen Jurzyca · ECR

    12. Underlines the importance of private and Added: efficient public investment in the context of the economic recovery and in managing …

18. Amendment 18Rejected

    Paragraph 15

    Tabled by Eugen Jurzyca · ECR

    … on the reform of the EU economic governance framework, which aims to Added: decrease public debt to sustainable levels as referenced in the Treaties, ensure the effective coordination of economic policies and the sustained convergence of …