### 2. takes the view that the efficiency of financial markets should be improved and that the listing of companies should be facilitated; encourages the creation and prioritisation of a large private pan-european fund , an initial public offering (ipo) fund , to support smes; ### 2. takes the view that the efficiency of financial markets should be improved and that the listing of companies should be facilitated; encourages the creation and prioritisation of a large private pan-european fund , an initial public offering (ipo) fund , to support sme fundings;


### 2. takes the view that the efficiency of financial markets should be improved and that the listing of companies should be facilitated; encourages the creation and prioritisation of a large private pan-european fund , an initial public offering (ipo) fund , to support smes; ### 2. takes the view that the efficiency of financial markets should be improved and that the listing of companies should be facilitated; encourages the creation and prioritisation of a large private pan-european fund , an initial public offering (ipo) fund , to support smes; states the need to ensure an attractive pre-ipo and post-ipo environment for smes;


### 3. calls for the acceleration of the development of eu venture capital (vc) and private equity markets by increasing the availability of funding for vc investments , developing larger late-stage vc funds , tax incentive schemes for vc and business angel investments , and active ipo markets for vc-backed companies; ### 3. calls for the acceleration of the development of eu venture capital (vc) and private equity markets by increasing the availability of funding for vc investments , developing larger early and late-stage vc funds , tax incentive schemes for vc and business angel investments , and active ipo markets for vc-backed companies;


### 4. requests the realignment of the treatment of cash and synthetic securitisations , of the treatment of regulatory capital and liquidity with that of covered bonds and loans , as well as with the disclosure and due diligence requirements for covered bonds and simple , transparent and standardised (sts) securitisation; ### 4. requests the strengthening of securitisation as a tool and a market through a series of measures to avoid a reduction of european bank lending in the fact of prudential regulation and the successful development of the cmu. these measures should include the realignment of the treatment of cash and synthetic securitisations , of the treatment of regulatory capital and liquidity with that of covered bonds and loans , as well as with the disclosure and due diligence requirements for covered bonds and simple , transparent and standardised (sts) securitisation , along with calibration of the capital requirements regulation for the risk-weight floor calibration and a review of the eligibility criteria for securitisations in terms of the liquidity coverage ration;


### 5. calls for targeted measures within securities market legislation to expedite the recovery after the covid-19 crisis; supports changes in the prospectus regulation , the markets in financial instruments directive (mifid) , the securitisation regulation and the market abuse regulation to facilitate investments in the real economy , in particular in smes , and to allow newcomers and new products to enter the markets , preserving consumer protection and market integrity; ### 5. calls for targeted measures within securities market legislation to expedite the recovery after the covid-19 crisis; supports changes in the prospectus regulation , the markets in financial instruments directive (mifid) , and the securitisation regulation to facilitate investments in the real economy , in particular in smes , and to allow newcomers and new products to enter the markets; underlines that any regulatory changes should preserve consumer protection and market integrity and ensure consumer and investor protection;


### 5. calls for targeted measures within securities market legislation to expedite the recovery after the covid-19 crisis; supports changes in the prospectus regulation , the markets in financial instruments directive (mifid) , the securitisation regulation and the market abuse regulation to facilitate investments in the real economy , in particular in smes , and to allow newcomers and new products to enter the markets , preserving consumer protection and market integrity; ### 5. calls for targeted measures in terms of alignment and simplification within securities market legislation to expedite the recovery after the covid-19 crisis; supports changes in the prospectus regulation , the markets in financial instruments directive (mifid) , the packaged retail investment and insurance products regulation (priips) , the securitisation regulation and the market abuse regulation to facilitate investments in the real economy , in particular in smes , and to allow newcomers and new products to enter the markets , preserving consumer protection and market integrity;


### 5. calls for targeted measures within securities market legislation to expedite the recovery after the covid-19 crisis; supports changes in the prospectus regulation , the markets in financial instruments directive (mifid) , the securitisation regulation and the market abuse regulation to facilitate investments in the real economy , in particular in smes , and to allow newcomers and new products to enter the markets , preserving consumer protection and market integrity; ### 5. calls for targeted measures within securities market legislation to expedite the recovery after the covid-19 crisis; supports changes in the prospectus regulation , the markets in financial instruments directive (mifid) , the securitisation regulation and the market abuse regulation to facilitate investments in the real economy , in particular in smes , and to allow newcomers and new products to enter the markets , preserving consumer protection and market integrity; furthermore calls on the commission to amend the share trading obligation (sto) and derivative trading obligation (dto) in the markets in financial instruments regulation (mifir) in order to eliminate frictions that can impact the ability of eu companies to raise capital at this time , especially at the end of the transition period between the eu and the uk;


### 5. calls for targeted measures within securities market legislation to expedite the recovery after the covid-19 crisis; supports changes in the prospectus regulation , the markets in financial instruments directive (mifid) , the securitisation regulation and the market abuse regulation to facilitate investments in the real economy , in particular in smes , and to allow newcomers and new products to enter the markets , preserving consumer protection and market integrity; ### 5. calls for targeted measures within securities market legislation to expedite the recovery after the covid-19 crisis; supports simplification in the prospectus regulation , the markets in financial instruments directive (mifid) , the securitisation regulation and the market abuse regulation to facilitate investments in the real economy , in particular in smes , and to allow newcomers and new products to enter the markets , preserving consumer protection and market integrity;


### 7. highlights the importance of increasing legal certainty for cross-border investments by making national insolvency proceedings more efficient and effective; ### 7. highlights the importance of increasing legal certainty for cross-border investments by making national insolvency proceedings more efficient and effective; highlights the importance of ensuring a sound legal protection framework of the union for cross-border investments within the eu after the termination of intra-eu-bits; calls for the swift establishment of an adequate and efficient legal protection scheme for cross-border investments within the single market;


### 7. highlights the importance of increasing legal certainty for cross-border investments by making national insolvency proceedings more efficient and effective; ### 7. highlights the importance of increasing legal certainty for cross-border investments by making national insolvency proceedings more efficient and effective; calls on the commission to make ambitious legislative proposals to foster harmonisation of insolvency laws across the union;


### 9. underlines the need to promote pension provision; welcomes the pan-european personal pension (pepp) product; reminds member states that pepps need to be subject to the same tax treatment as national pension products to become an option for savers; ### 9. underlines the need to promote pension provision , particularly when it comes to 2nd and 3rd pillar pensions , given the massive demographic changes that the union faces; welcomes the pan-european personal pension (pepp) product; reminds member states that pepps need to be subject to the same tax treatment as national pension products to become an option for savers;


### 10. encourages the member states to promote multi-pillar pension systems , including occupational pension schemes , as a way to improve market dynamics and the incentives to invest; believes that private pensions should be revitalised and made more attractive; encourages the participation of investors in long-term products with tax reduction or exemption policies; ### 10. encourages the member states to promote multi-pillar pension systems , including occupational pension schemes , as a way to improve market dynamics and the incentives to invest; believes that private pensions should be revitalised and made more attractive; recommends in particular the use of auto-enrolment schemes as a way to build up pension provision and coverage in the union; encourages the participation of investors in long-term products with tax reduction or exemption policies;


### 10. encourages the member states to promote multi-pillar pension systems , including occupational pension schemes , as a way to improve market dynamics and the incentives to invest; believes that private pensions should be revitalised and made more attractive; encourages the participation of investors in long-term products with tax reduction or exemption policies; ### 10. encourages the member states to promote multi-pillar pension systems , including occupational pension schemes , as a way to improve market dynamics and the incentives to invest; believes that funded pensions should be revitalised and made more attractive; calls for actions to overcome the obstacles to the coexistence of public and private pension systems; encourages the participation of investors in long-term products with tax reduction or exemption policies;


### 11. recalls that the solvency 2 directive requires a review by the end of 2020 and that the european insurance and occupational pensions authority (eiopa) will provide technical advice to the commission after consultations with different stakeholders; requests the commission and eiopa to consider adjusting the capital requirements for investments in equity and private debt , in particular of smes; ### 11. recalls that the solvency 2 directive requires a review by the end of 2020 and that the european insurance and occupational pensions authority (eiopa) will provide technical advice to the commission after consultations with different stakeholders; requests the commission and eiopa to consider adjusting the capital requirements for investments in equity and private debt , in particular of smes , also through the internal model approach;


### 12. stresses the need for european and national supervisory authorities to overcome their differences; calls for supervisory convergence to promote a common european model , guided by the european securities and market authority (esma) , to reduce the existing obstacles to cross-border financial operations; ### 12. stresses the need for european and national supervisory authorities to overcome their differences; calls for enhanced supervisory convergence to reduce the existing obstacles to cross-border financial operations;


### 12. stresses the need for european and national supervisory authorities to overcome their differences; calls for supervisory convergence to promote a common european model , guided by the european securities and market authority (esma) , to reduce the existing obstacles to cross-border financial operations; ### 12. stresses the need for european and national supervisory authorities to overcome their differences; calls a european model of enhanced supervisory convergence , to reduce the existing obstacles to cross-border financial operations; in this context esma and national supervisory authorities should act as one and ensure consistent , effective and coordinated supervision of the eu markets.


### 12. stresses the need for european and national supervisory authorities to overcome their differences; calls for supervisory convergence to promote a common european model , guided by the european securities and market authority (esma) , to reduce the existing obstacles to cross-border financial operations; ### 12. stresses the need for european and national supervisory authorities to work together towards genuine supervisory convergence and to promote a common european model , guided by the european securities and market authority (esma) , to reduce the existing obstacles to cross-border financial operations; notes the importance of esma , eiopa and eba in this process , while also respecting the role of national competent authorities as laid out in the recently agreed review of european system of financial supervision (esfs);


### 14. is concerned that retail investors’ engagement with financial markets remains low; calls for measures to promote retail investments in view of the demographic challenges faced by the eu by increasing the participation of retail investors in capital markets through more attractive and appropriate personal pension products; ### 14. emphasizes the fact that there is no sound market without a wide investor base; is concerned that retail investors’ engagement with financial markets remains low; calls for measures to promote retail investments in view of the demographic challenges faced by the eu by increasing the participation of retail investors in capital markets through more attractive and appropriate personal pension products;


### 15. emphasises that access to financial markets should be possible for all enterprises under the ‘same business , same rules’ principle; ### 15. emphasises that access to financial markets should be possible for all enterprises , including smes and start-ups , under the ‘same business , same rules’ principle; states the need to increase the portfolio of investment options for retail investors;


### 16. recalls the existence of different shortcomings in the legislation on packaged retail investment and insurance products (priips) that should be addressed in the next review; expects that level 2 priips legislation on the key investor document to respect level 1 , in particular in relation to the performance scenarios; regrets the delays in the adoption of level 2 priips legislation that will overlap with the first review of priips , and which increases legal uncertainty and costs for stakeholders; ### 16. recalls the existence of different shortcomings in the legislation on packaged retail investment and insurance products (priips) that should be addressed in the next review; regrets the delays in the adoption of level 2 priips legislation that will overlap with the first review of priips , and which increases legal uncertainty and costs for stakeholders;


### 16. recalls the existence of different shortcomings in the legislation on packaged retail investment and insurance products (priips) that should be addressed in the next review; expects that level 2 priips legislation on the key investor document to respect level 1 , in particular in relation to the performance scenarios; regrets the delays in the adoption of level 2 priips legislation that will overlap with the first review of priips , and which increases legal uncertainty and costs for stakeholders; ### 16. recalls the existence of different shortcomings in the legislation on packaged retail investment and insurance products (priips) that should be addressed in the next review; expects that level 2 priips legislation on the key investor document to respect level 1 , in particular in order to improve the methodologies related to the performance scenarios and to ensure comparability among different investment products , regrets the delays in the adoption of level 2 priips legislation that will overlap with the first review of priips , and which increases legal uncertainty and costs for stakeholders;


### 16. recalls the existence of different shortcomings in the legislation on packaged retail investment and insurance products (priips) that should be addressed in the next review; expects that level 2 priips legislation on the key investor document to respect level 1 , in particular in relation to the performance scenarios; regrets the delays in the adoption of level 2 priips legislation that will overlap with the first review of priips , and which increases legal uncertainty and costs for stakeholders; ### 16. recalls the existence of different shortcomings in the legislation on packaged retail investment and insurance products (priips) that should be addressed in the next review; expects that level 2 priips legislation on the key investor document to respect level 1 , in particular in order to improve the methodologies related to the performance scenarios and to ensure comparability among different investment products; regrets the delays in the adoption of level 2 priips legislation that will overlap with the first review of priips , and which increases legal uncertainty and costs for stakeholders;


### 16. recalls the existence of different shortcomings in the legislation on packaged retail investment and insurance products (priips) that should be addressed in the next review; expects that level 2 priips legislation on the key investor document to respect level 1 , in particular in relation to the performance scenarios; regrets the delays in the adoption of level 2 priips legislation that will overlap with the first review of priips , and which increases legal uncertainty and costs for stakeholders; ### 16. recalls the existence of different shortcomings in the legislation on packaged retail investment and insurance products (priips) that should be addressed in the next review; expects that level 2 priips legislation on the key investor document to respect level 1 , in particular in relation to the performance scenarios; regrets the delays in the adoption of level 2 priips legislation that will overlap with the first review of priips , and which increases legal uncertainty and costs for stakeholders; calls on the european commission and the esas to coordinate their proposals for their respective level 1 and level 2 changes in a way that guarantees a high degree of predictability for intermediaries and retail clients alike;


### 16. recalls the existence of different shortcomings in the legislation on packaged retail investment and insurance products (priips) that should be addressed in the next review; expects that level 2 priips legislation on the key investor document to respect level 1 , in particular in relation to the performance scenarios; regrets the delays in the adoption of level 2 priips legislation that will overlap with the first review of priips , and which increases legal uncertainty and costs for stakeholders; ### 16. recalls the existence of different shortcomings in the legislation on packaged retail investment and insurance products (priips) that should be addressed in the next review; expects that level 2 priips legislation on the key investor document to respect level 1 , in particular in relation to the performance scenarios; notes the importance of ensuring that past performance information is available to investors while also ensuring that past performance cannot be used as an indicator to predict future returns; regrets the delays in the adoption of level 2 priips legislation that will overlap with the first review of priips , and which increases legal uncertainty and costs for stakeholders;


### 17. urges the commission to make clear the differentiation between professional and retail investors on all levels of mifid , making it possible to tailor the treatment of clients according to their knowledge and experience on the markets; requests that the commission consider the introduction of a category of semi-professional investors to better respond to the reality of participation on the financial markets; ### 17. urges the commission to make clear the differentiation between professional and retail investors on all levels of mifid , making it possible to tailor the treatment of clients according to their knowledge and experience on the markets; requests the commission to consider the reality of participation on the financial markets by allowing more flexibility in the client categorisation , namely through opt-out options for certain obligations and opt-in options for certain clients or to lower the existing criteria for professional investors ;


### 17. urges the commission to make clear the differentiation between professional and retail investors on all levels of mifid , making it possible to tailor the treatment of clients according to their knowledge and experience on the markets; requests that the commission consider the introduction of a category of semi-professional investors to better respond to the reality of participation on the financial markets; ### 17. urges the commission to make clear the differentiation between professional and retail investors on all levels of mifid , making it possible to tailor the treatment of clients according to their knowledge and experience on the markets; requests the commission to consider if the introduction of a category of semi-professional investors would better respond to the reality of participation on the financial markets and based on its findings , assess if the introduction of such category would be needed or not;


### 17. urges the commission to make clear the differentiation between professional and retail investors on all levels of mifid , making it possible to tailor the treatment of clients according to their knowledge and experience on the markets; requests that the commission consider the introduction of a category of semi-professional investors to better respond to the reality of participation on the financial markets; ### 17. urges the commission to make clear the differentiation between professional and retail investors on all levels of mifid , making it possible to tailor the treatment of clients according to their knowledge and experience on the markets; requests that the commission consider the introduction of a category of semi-professional investors to better respond to the reality of participation on the financial markets; however , the application of this new "category" of clients should be left to the discretion of the investment firms that should be free to include (or not) semi-professional clients in their own service model;


### 18. is of the opinion that the current reporting framework within mifid ii and the european market infrastructure regulation (emir) is very costly and complex , hindering the effectiveness of the system; believes that a simplification thereof is necessary; ### 18. is of the opinion that the current reporting framework within mifid ii and the european market infrastructure regulation (emir) is very costly and complex and , therefore , believes that a simplification thereof is necessary; stresses however that the adequate level of information that is made available to regulators and supervisors should not be compromised;


### 19. calls for amendments to legislation to ensure access to independent advice by financial intermediaries while avoiding promotion of the institution’s own financial products and ensuring a fair marketing of financial products; ### deleted


### 19. calls for amendments to legislation to ensure access to independent advice by financial intermediaries while avoiding promotion of the institution’s own financial products and ensuring a fair marketing of financial products; ### 19. recalls that the duality of fee-based and commission-based advisory models helps to ensure broad access to financial markets for retail clients; points out that legislation can help to mitigate potential conflicts of interests;


### 19. calls for amendments to legislation to ensure access to independent advice by financial intermediaries while avoiding promotion of the institution’s own financial products and ensuring a fair marketing of financial products; ### 19. 1. calls for amendments to legislation to ensure access to independent advice by financial intermediaries without undue promotion of the institution’s own financial products and while ensuring an appropriate marketing of all relevant financial products;


### 19. calls for amendments to legislation to ensure access to independent advice by financial intermediaries while avoiding promotion of the institution’s own financial products and ensuring a fair marketing of financial products; ### 19. calls for the consideration of amendments to the legislative framework to ensure access to independent advice by financial intermediaries while avoiding promotion of the institution’s own financial products and ensuring a fair and transparent marketing of financial products; further requires the commission and esma to investigate the impact of inducements on the quality of the advice;


### 20. underlines that financial education is needed to overcome low retail investor engagement with financial markets , based on lack of knowledge , mistrust and risk aversion; ### 20. underlines that financial education is needed to overcome low retail investor engagement with financial markets , based on lack of knowledge , mistrust and risk aversion; call for the establishment of a stronger capital market orientation among market participants , especially for retail investors , to overcome risk aversion;


### digitalisation ### digitalisation and data


### 23. takes the view that the digitalisation of financial services can be a catalyst for the mobilisation of capital in the eu while reducing barriers and increasing supervisory efficiency; emphasises that an eu framework with high standards of cybersecurity would be conducive to the cmu; ### 23. takes the view that the digitalisation of financial services can be a catalyst for the mobilisation of capital in the eu while reducing barriers and increasing supervisory efficiency; remarks that digital finance has a strong capital flows element which attract cross-border investments;


### 25. points out that europe competes for capital in a global market , and that , as a result , deeper , more integrated and efficient european capital markets are critical to protecting europe’s economic sovereignty , the use of the euro in third countries , and to attracting foreign investors; ### 25. 1. points out that europe competes for capital in a global market , and that , as a result , deeper , more integrated and efficient european capital markets along with increased risk sharing among stakeholders are critical to protecting europe’s economic sovereignty , the use of the euro in third countries , and to attracting foreign investors;


### 26. reiterates that eu legislation provides for the possibility of considering third-country rules as equivalent based on a proportional and risk-based analysis , and that such decisions should be taken through a delegated act; recalls that the eu can unilaterally withdraw any equivalence decision; ### 26. 1. reiterates that eu legislation provides for the possibility of considering third-country rules as equivalent based on a proportional and risk and fact-based analysis , and that such decisions should be taken through a delegated act on a rational basis; recalls that the eu can unilaterally withdraw any equivalence decision;


### 26. reiterates that eu legislation provides for the possibility of considering third-country rules as equivalent based on a proportional and risk-based analysis , and that such decisions should be taken through a delegated act; recalls that the eu can unilaterally withdraw any equivalence decision; ### 26. reiterates that eu legislation provides for the possibility of considering third-country rules as equivalent based on a proportional and risk-based analysis , and that such decisions should be taken through a delegated act; recalls that the eu can unilaterally withdraw any equivalence decision; emphasizes the need to ensure eu supervisors have direct supervisory powers in case the activities of certain third-country firms recognized under the eu equivalence framework may impact financial stability , orderly markets or investor protection;


### 28. instructs its president to forward this resolution to the council and the commission. ### 28. instructs its president to forward this resolution to the council , the commission , the esas and the ecb.


### e. whereas the eba board of supervisors has taken a decision imposing restrictions on its executive director in order to address the conflict of interest arising from him accepting his new position at afme; whereas these restrictions address activities while in service at the eba and after leaving the eba; ### e. whereas the eba board of supervisors has taken a decision imposing fairly light restrictions on its executive director in order to address the conflict of interest arising from him accepting his new position at afme; whereas these restrictions address activities while in service at the eba and after leaving the eba;


### 2. is concerned about the conflict of interest that has arisen as a consequence of the appointment of the eba executive director as afme chief executive from 1 february 2020; notes that this post-public employment might constitute not only an risk to the reputation and independence of eba but to all union institutions; ### 2. is concerned about the conflict of interest that has arisen as a consequence of the appointment of the eba executive director as afme chief executive from 1 february 2020; notes that this post-public employment might constitute not only an risk to the reputation and independence of eba but to all union institutions and the european project as a whole;


### 3. calls for an effective application of the eu staff regulations , in particular of article 16 , in order to prevent conflicts of interest; ### 3. calls for an effective and consistent application of the eu staff regulations , in particular of article 16 , in order to prevent conflicts of interest; in particular , but not only , for senior officials;


### 7. calls on the european court of auditors to undertake a comprehensive analysis of the approach of bodies and agencies in the emu regarding the management of situations where there are potential conflicts of interest; ### 7. calls on the european court of auditors to undertake a comprehensive analysis of the approach of bodies and agencies in the emu regarding the management of situations where there are potential conflicts of interest; calls on the eca to identify best practices;


### 8. calls on the commission to assess the current practice on post-public employment at european and national level; ### 8. calls on the commission to assess the current practice on post-public employment at european and national level and take into account its findings for the considerations for a harmonised legal framework for the prevention of post-public employment conflicts of interest;


### 12. calls on the commission to assess , whether it is appropriate that the concerned eu agencies decide for themselves on the enforcement of the rules for the prevention of conflicts of interest , and whether the independent ethics body envisaged by president-elect of the european commission ursula von der leyen could function as body of appeal in that regard; ### 12. calls on the commission to assess , whether it is appropriate that the concerned eu agencies decide for themselves on the enforcement of the rules for the prevention of conflicts of interest , how a consistent application of the rules can be ensured and whether the independent ethics body envisaged by president-elect of the european commission ursula von der leyen could function as body of appeal in that regard;


### – having regard to mario draghi’s last monetary dialogue with the european parliament as president of the european central bank , of 22 september 2019 , ### – having regard to mario draghi’s monetary dialogue with the european parliament as president of the european central bank , of 23 september 2019 ,


### a. whereas according to the commission’s summer 2019 economic forecast , the latest figures of 2019 reflect a slowdown from the higher levels of gdp growth in the euro area in 2018 , from 1.9 % to 1.2 % in 2019 , and in the eu-27 , from 2.1 % in 2018 to 1.4 % in 2019 , owing to a weaker impetus from external trade uncertainties; ### a. whereas according to the commission’s autumn 2019 economic forecast , the latest figures of 2019 reflect a slowdown of gdp growth in the euro area in 2018 , from 1.9 % to 1.1 % in 2019 , and in the eu-27 , from 2.1 % in 2018 to 1.4 % in 2019 , owing to the recent escalation in trade tensions and the corresponding uncertainty;


### a. whereas according to the commission’s summer 2019 economic forecast , the latest figures of 2019 reflect a slowdown from the higher levels of gdp growth in the euro area in 2018 , from 1.9 % to 1.2 % in 2019 , and in the eu-27 , from 2.1 % in 2018 to 1.4 % in 2019 , owing to a weaker impetus from external trade uncertainties; ### a. whereas according to the commission’s autumn 2019 economic forecast , the latest figures of 2019 reflect a slowdown from the higher levels of gdp growth in the euro area in 2018 , from 1.9 % to 1.1 % in 2019 , and in the eu-27 , from 2.1 % in 2018 to 1.4 % in 2019 , owing to a weaker impetus from external trade uncertainties;


### c. whereas according to the eurosystem staff macroeconomic projections of september 2019 , annual inflation for the euro area in the harmonised index of consumer prices (hicp) looks set to reach 1.2 % , 1.0 % and 1.5 % in 2019 , 2020 and 2021 , thus still falling short of the medium-term objective of 2 %; ### c. whereas according to the eurosystem staff macroeconomic projections of september 2019 , annual inflation for the euro area in the harmonised index of consumer prices (hicp) looks set to reach 1.2 % , 1.0 % and 1.5 % respectively in 2019 , 2020 and 2021 , thus close but below 2 %;


### d. whereas at the end of 2018 the size of the eurosystem balance sheet had reached an all-time high of eur 4.7 trillion , an increase of 0.2 trillion compared with the end of 2017; ### d. whereas at the end of 2018 the size of the eurosystem balance sheet had reached an all-time high of eur 4.7 trillion , an increase of 4 ,25% compared with the end of 2017;


### f. whereas a stronger role of the euro , and its increased use as a reserve currency , would increase the eu’s ability to frame its policy stance independently vis-à-vis the us and the federal reserve and would ultimately provide protection from the risk of an uncooperative us approach; ### f. whereas a stronger international role of the euro , and its increased use as a reserve currency , would increase the eu’s ability to frame its policy stance independently and is a key element in safeguarding european economic sovereignty;


### g. whereas the global issuance of green bonds has risen from less than eur 1 billion in 2008 to more than eur 120 billion in 2017 and euro-denominated net green bond issuance has increased ten-fold since 2013; whereas the gap between spreads of green bonds and those of the overall industrial sector have gradually closed; ### deleted


### g. whereas the global issuance of green bonds has risen from less than eur 1 billion in 2008 to more than eur 120 billion in 2017 and euro-denominated net green bond issuance has increased ten-fold since 2013; whereas the gap between spreads of green bonds and those of the overall industrial sector have gradually closed; ### g. whereas the global issuance of green bonds has risen from less than eur 1 billion in 2008 to more than eur 120 billion in 2017; whereas the gap between spreads of green bonds and those of the overall industrial sector have gradually closed;


### h. whereas despite this positive trend , green bonds still account for only 1 % of the overall supply of euro-denominated bonds; ### deleted


### h. whereas despite this positive trend , green bonds still account for only 1 % of the overall supply of euro-denominated bonds; ### h. whereas euro denominated net green bond issuance has increased tenfold since 2013 , green bonds still accounted for only 1 % of the overall supply of euro-denominated bonds;


### h. whereas despite this positive trend , green bonds still account for only 1 % of the overall supply of euro-denominated bonds; ### h. whereas despite this positive trend , green bonds account for 1 % of the overall supply of euro-denominated bonds;


### 1. welcomes the role of the ecb in safeguarding euro stability and stresses that the ecb’s independence is a requisite for fulfilling its mandate; ### 1. highlights that the statutory independence of the ecb , as laid down in the treaties , is crucial for the fulfilment of its mandate of maintaining price stability;


### 1. welcomes the role of the ecb in safeguarding euro stability and stresses that the ecb’s independence is a requisite for fulfilling its mandate; ### 1. welcomes the role of the ecb in safeguarding euro stability and stresses that the ecb’s full independence is a requisite for fulfilling its mandate;


### 2. is concerned that after a short economic recovery , euro area growth momentum has slowed markedly to 1.2 % of gdp in the euro area and to 1.4 % of gdp for the eu-27; underlines , therefore , the need for monetary policy to remain accommodative for the foreseeable future; ### 2. is concerned that after a short economic recovery , euro area growth momentum has slowed markedly to 1.2 % of gdp in the euro area and to 1.4 % of gdp for the eu-27; underlines , however , that the mandate of the ecb stipulates that its objective is price stability and this objective should be the only guideline of the ecb when making monetary policy decisions;


### 2. is concerned that after a short economic recovery , euro area growth momentum has slowed markedly to 1.2 % of gdp in the euro area and to 1.4 % of gdp for the eu-27; underlines , therefore , the need for monetary policy to remain accommodative for the foreseeable future; ### 2. is concerned that after a short economic recovery , euro area growth momentum has slowed markedly to 1.2 % of gdp in the euro area and to 1.4 % of gdp for the eu-27;


### 2. is concerned that after a short economic recovery , euro area growth momentum has slowed markedly to 1.2 % of gdp in the euro area and to 1.4 % of gdp for the eu-27; underlines , therefore , the need for monetary policy to remain accommodative for the foreseeable future; ### 2. is concerned that after a short economic recovery , euro area growth momentum has slowed down to 1.2 % of gdp in the euro area and to 1.4 % of gdp for the eu-27; notes that mario draghi underlined , therefore , the need to maintain favourable liquidity conditions and an ample degree of monetary accommodation for as long as necessary;


### 2. is concerned that after a short economic recovery , euro area growth momentum has slowed markedly to 1.2 % of gdp in the euro area and to 1.4 % of gdp for the eu-27; underlines , therefore , the need for monetary policy to remain accommodative for the foreseeable future; ### 2. is concerned that after a short economic recovery , euro area growth momentum has slowed markedly to 1.1 % of gdp in the euro area and to 1.4 % of gdp for the eu-27; underlines , therefore , the need for monetary policy to remain accommodative for the foreseeable future;


### 3. stresses that fiscal policy is a necessary component for enhancing the impact of monetary policy and reducing possible side effects; ### 3. stresses that fiscal policy is a necessary component for enhancing the impact of monetary policy and reducing possible side effects; notes therefore that in countries where public debt is high , governments need to pursue prudent policies that will create the conditions for automatic stabilisers to operate freely;


### 3. stresses that fiscal policy is a necessary component for enhancing the impact of monetary policy and reducing possible side effects; ### 3. stresses that fiscal policy can be a necessary component for enhancing the impact of monetary policy and reducing some possible side effects;


### 4. underlines the findings of the escb expert group on low wage growth1 , which analysed the disconnect between wage growth and labour market recovery , namely that low wage growth over recent years can be explained mainly by technology and wage bargaining shocks , the latter being impacted by changes in wage bargaining structure – reducing the bargaining power of employees – and labour market regulations – mainly in countries most affected by the global economic and financial crisis and the combination of labour underutilisation , low inflation readings and subdued productivity growth; ### deleted


### 4. underlines the findings of the escb expert group on low wage growth1 , which analysed the disconnect between wage growth and labour market recovery , namely that low wage growth over recent years can be explained mainly by technology and wage bargaining shocks , the latter being impacted by changes in wage bargaining structure – reducing the bargaining power of employees – and labour market regulations – mainly in countries most affected by the global economic and financial crisis and the combination of labour underutilisation , low inflation readings and subdued productivity growth; ### 4. underlines the findings of the escb expert group on low wage growth1 , which analysed the disconnect between wage growth and labour market recovery , namely that low wage growth over recent years can be explained mainly by technology and wage bargaining shocks;


### 4. underlines the findings of the escb expert group on low wage growth1 , which analysed the disconnect between wage growth and labour market recovery , namely that low wage growth over recent years can be explained mainly by technology and wage bargaining shocks , the latter being impacted by changes in wage bargaining structure – reducing the bargaining power of employees – and labour market regulations – mainly in countries most affected by the global economic and financial crisis and the combination of labour underutilisation , low inflation readings and subdued productivity growth; ### 4. underlines the findings of the escb expert group on low wage growth1 , which analysed the disconnect between wage growth and labour market recovery , namely that low wage growth over recent years can be explained mainly by technology and wage bargaining shocks , the latter being impacted by changes in wage bargaining structure – reducing the bargaining power of employees – and labour market regulations – mainly in countries most affected by the debt crisis and the combination of labour underutilisation , low inflation readings and subdued productivity growth;


### - the deepening of the european monetary union , including a fiscal capacity for the euro area able to providing a counter-cyclical stabilisation function; ### - the deepening of the european monetary union;


### - the completion of the banking union , including a fully mutualised european deposit insurance scheme that would reduce risks , promote fair competition , facilitate the expansion of pan-european banking and reinforce the stability of the euro area as a whole; ### - the completion of the banking union;


### - the completion of the banking union , including a fully mutualised european deposit insurance scheme that would reduce risks , promote fair competition , facilitate the expansion of pan-european banking and reinforce the stability of the euro area as a whole; ### - the completion of the banking union , including a fully mutualised european deposit insurance scheme under the right preconditions , that might reduce risks , promote fair competition , facilitate the expansion of pan-european banking and reinforce the stability of the euro area as a whole;


### - the creation of a safe asset guaranteed by euro-area member states to foster the integration of bond markets; ### deleted


### 6. underlines that the asset purchase programme (app) has provided a substantial contribution to economic recovery and the formation of households’ inflation expectations , has led to a substantial improvement in financing conditions via several transmission channels , and has compressed yields across a wide range of asset classes; stresses , in particular , that the app has directly improved credit conditions for the private non-financial sector with the asset-backed securities purchase programme (abspp) and the third covered bond purchase programme (cbpp3); ### 6. underlines that the asset purchase programme (app) has provided a contribution to economic recovery and the formation of households’ inflation expectations , has led to an improvement in financing conditions via several transmission channels , and has compressed yields across a wide range of asset classes; points out however that the asset purchase programme comes with severe risks for the ecb's balance sheet , disadvantages for savers as well as the risk for asset price inflation;


### 6. underlines that the asset purchase programme (app) has provided a substantial contribution to economic recovery and the formation of households’ inflation expectations , has led to a substantial improvement in financing conditions via several transmission channels , and has compressed yields across a wide range of asset classes; stresses , in particular , that the app has directly improved credit conditions for the private non-financial sector with the asset-backed securities purchase programme (abspp) and the third covered bond purchase programme (cbpp3); ### 6. underlines that the asset purchase programme (app) has provided a contribution to economic recovery and the formation of households’ inflation expectations , has led to an improvement in financing conditions via several transmission channels , and has compressed yields across a wide range of asset classes; stresses , in particular , that the app has directly improved credit conditions for the private non-financial sector with the asset-backed securities purchase programme (abspp) and the third covered bond purchase programme (cbpp3);


### 7. notes that on 12 september 2019 the ecb announced a broad stimulus package including an open-ended quantitative easing programme that will run at a monthly pace of eur 20 billion per month , a cut of 10 basis points in the deposit rate , a two-tier system for reserve remuneration , and easier terms for targeted longer-term refinancing operations (tltro-iii); ### 7. deplores that on 12 september 2019 the ecb announced a broad stimulus package including an open-ended quantitative easing programme that will run at a monthly pace of eur 20 billion per month , a cut of 10 basis points in the deposit rate , a two-tier system for reserve remuneration , and easier terms for targeted longer-term refinancing operations (tltro-iii); points out that resumption of asset purchases was highly controversial within the ecb's decision making bodies and is doubtful as regards to the necessity of the resumption of asset purchases;


### 7. notes that on 12 september 2019 the ecb announced a broad stimulus package including an open-ended quantitative easing programme that will run at a monthly pace of eur 20 billion per month , a cut of 10 basis points in the deposit rate , a two-tier system for reserve remuneration , and easier terms for targeted longer-term refinancing operations (tltro-iii); ### 7. notes that on 12 september 2019 the ecb announced a broad stimulus package including net purchases under the app that will run at a monthly pace of eur 20 billion per month , a cut of 10 basis points in the deposit rate , a two-tier system for reserve remuneration , and easier terms for targeted longer-term refinancing operations (tltro-iii);


### 8. notes that the negative effects on banks’ net interest income have been counterbalanced so far by the benefits from more bank lending and lower costs for provisions and losses; ### deleted


### 9. underlines that very low or negative interest rates offer opportunities to consumers , workers and borrowers , who can benefit from stronger economic momentum , lower unemployment and lower borrowing costs; ### 9. underlines that very low or negative interest rates may offer opportunities to consumers , workers and borrowers in some member states; also notes that the low interest rate environment presents challenges for savers and pensioners due to low returns;


### 9. underlines that very low or negative interest rates offer opportunities to consumers , workers and borrowers , who can benefit from stronger economic momentum , lower unemployment and lower borrowing costs; ### 9. underlines that very low or negative interest rates offer opportunities to consumers , companies including smes , workers and borrowers , who can benefit from stronger economic momentum , lower unemployment and lower borrowing costs; is however concerned at the consequences on individual savers and the financial equilibrium of pension and insurance scheme;


### 9. underlines that very low or negative interest rates offer opportunities to consumers , workers and borrowers , who can benefit from stronger economic momentum , lower unemployment and lower borrowing costs; ### 9. underlines that very low or negative interest rates offer opportunities to consumers , workers and borrowers , who can potentially benefit from stronger economic momentum , lower unemployment and lower borrowing costs , while having a detrimental effect on savers and future beneficiaries of pension securities;


### 10. supports the intention of the governing council of the ecb to continue reinvesting the principal payments from maturing securities for as long as necessary to maintain favourable liquidity conditions and an ample degree of monetary accommodation; ### deleted


### 10. supports the intention of the governing council of the ecb to continue reinvesting the principal payments from maturing securities for as long as necessary to maintain favourable liquidity conditions and an ample degree of monetary accommodation; ### 10. takes note of the intention of the governing council of the ecb to continue reinvesting the principal payments from maturing securities for as long as necessary to maintain favourable liquidity conditions and an ample degree of monetary accommodation;


### 11. recalls that , as an eu institution , the ecb is bound by the paris agreement on climate change and that this should be reflected in its policies , with full respect for its mandate and its independence; ### 11. recalls that , as an eu institution , the ecb is bound by the paris agreement on climate change and that this should be reflected in its policies , while fully respecting its mandate and its independence;


### 11. recalls that , as an eu institution , the ecb is bound by the paris agreement on climate change and that this should be reflected in its policies , with full respect for its mandate and its independence; ### 11. recalls that , as an eu institution , the ecb is bound by the paris agreement on climate change and that this should be reflected in its policies , as appropriate , with full respect for its mandate and its independence;


### 12. takes good note of christine lagarde’s declaration of 4 september , in which she welcomed the ecb’s collaboration in the network for greening the financial system (ngfs) and commitment to contribute to facing the challenges which climate change poses by implementing the ngfs’s recommendations and acting on them substantively wherever possible without undermining the ecb’s price stability mandate and other objectives; ### 12. notes christine lagarde’s declaration of 4 september 2019 , in which she welcomed the ecb’s collaboration in the network for greening the financial system (ngfs) and commitment to help identify and measure the financial system's exposure to climate related risks and foster a greener financial system wherever possible without undermining the ecb’s price stability mandate and other objectives; notes that the ecb is supporting the creation of a harmonised definition of green assets , i.e. a so-called taxonomy and will need , one such taxonomy is agreed , to assess whether and how it can apply it to its app;


### 13. calls on the ecb to continue its preparatory efforts to ensure the stability of eu financial markets for all possible contingencies relating to brexit; ### 13. calls on the ecb to continue its preparatory efforts to ensure the stability of eu financial markets for all possible contingencies relating to the withdrawal of the united kingdom to the european union;


### 14. is extremely worried about the risks due to the delay in setting up the banking union , and calls for the swift completion of the banking union with a fully mutualised european deposit guarantee scheme; ### 14. is concerned about the risks due to the delay in setting up the banking union , and calls for swift progress in the area of risk reduction;


### 14. is extremely worried about the risks due to the delay in setting up the banking union , and calls for the swift completion of the banking union with a fully mutualised european deposit guarantee scheme; ### 14. calls for an appropriate completion of the banking union;


### 14. is extremely worried about the risks due to the delay in setting up the banking union , and calls for the swift completion of the banking union with a fully mutualised european deposit guarantee scheme; ### 14. is concerned about the risks due to the delay in setting up the banking union , and calls for the swift completion of the banking union with a fully mutualised european deposit guarantee scheme;


### 15. calls for the capital markets union (cmu) project to be accelerated in order to deepen financial integration , with a view to improving resilience to shocks and making the transmission of monetary policy across the monetary union more effective; ### 15. calls for the capital markets union (cmu) project to be accelerated in order to deepen financial integration , to allow for effective mobilisation of capital in europe to help promote sustainable growth in the real economy to the benefit of all citizens and to improve financial stability and the union's resilience to shocks;


### 15. calls for the capital markets union (cmu) project to be accelerated in order to deepen financial integration , with a view to improving resilience to shocks and making the transmission of monetary policy across the monetary union more effective; ### 15. calls for the capital markets union (cmu) project to be accelerated in order to deepen financial integration , with a view to improving resilience to shocks and making the transmission of monetary policy across the monetary union more effective; welcomes the contribution of the nextcmu working group in this regard; calls on the european commission to treat the completion of the cmu as a top priority;


### 16. calls on the ecb to increase its monitoring of the development of crypto-currencies and the increased risks in cyber-security; ### 16. calls on the ecb to increase its monitoring of the development of crypto-assets , including stablecoins and the increased risks in cyber-security and money laundering;


### 17. calls on the ecb to ensure an appropriate balance between allowing regulatory financial innovation in fintech and ensuring financial stability; ### 17. calls on the ecb to ensure an appropriate balance between financial innovation in fintech and financial stability;


### 18. agrees with christine lagarde that a review of the ecb’s monetary policy framework is timely and warranted in order to ensure that the ecb has the right tools to deliver on its price stability mandate in the future; calls on the ecb to organise a public consultation as part of this process in order to ensure that the review is open to input and feedback from a broad range of diverse civil society stakeholders; ### 18. takes note of christine lagarde's statement that a review of the ecb’s monetary policy framework is timely and warranted in order to ensure that the ecb has the right tools to deliver on its price stability mandate in the future; calls on the ecb to organise a public consultation as part of this process in order to ensure that the review is open to input and feedback from a broad range of stakeholders; calls on the ecb to also involve the european parliament in this review process;


### 18. agrees with christine lagarde that a review of the ecb’s monetary policy framework is timely and warranted in order to ensure that the ecb has the right tools to deliver on its price stability mandate in the future; calls on the ecb to organise a public consultation as part of this process in order to ensure that the review is open to input and feedback from a broad range of diverse civil society stakeholders; ### 18. agrees with christine lagarde that reflections on the conduct and operational aspects of the ecb’s monetary policy are necessary to better support the general policies in the eu without prejudice to its primary objective of maintaining price stability;


### 19. welcomes the increase in accountability under the presidency of mario draghi , and looks forward to even greater accountability , dialogue and openness with the incoming president; ### 19. welcomes the increase in accountability under the presidency of mario draghi , and looks forward to continued accountability , dialogue and openness with the incoming president , and to keep this strong link;


### 20. recalls that the nominations of executive board members should be prepared carefully , with full transparency and together with parliament in line with the treaties; calls on the council to draw up a gender-balanced shortlist for all current and upcoming vacancies and to share it with parliament , thus allowing it to play a more meaningful advisory role in the appointment process; regrets that to date no satisfactory progress has been made; ### 20. recalls that the nominations of executive board members should be prepared carefully , with transparency and together with parliament in line with the treaties; calls on the council to draw up a gender-balanced shortlist for all current and upcoming vacancies and to share it with parliament , thus allowing it to play a meaningful advisory role in the appointment process; regrets that to date no satisfactory progress has been made;


### e. whereas in 2018 , pending an international agreement , the european commission put forward two proposals addressing the taxation of the digital economy , which were supported by the european parliament , but not adopted in council: a short-term solution of introducing a digital services tax (dst) , and a long-term solution defining a significant digital presence (sdp) as a nexus for corporate taxation; ### e. whereas in 2018 , during the ongoing negotiations to find an international agreement , the european commission put forward two proposals addressing the taxation of the digital economy , which were supported by the european parliament , but not adopted in council: a short-term solution of introducing a digital services tax (dst) , and a long-term solution defining a significant digital presence (sdp) as a nexus for corporate taxation;


### k. whereas nominal corporate tax rates have decreased at eu level from an average of 32 % in 2000 to 21 ,7 % in 201919 , which represents a decrease of 32 %; whereas this decrease can have implications on the sustainability of tax systems and potential spill over effects on other countries; ### k. whereas nominal corporate tax rates have decreased at eu level from an average of 32 % in 2000 to 21 ,7 % in 201919 , which represents a decrease of 31 ,5 %; whereas this decrease can have potential spill over effects on other countries;


### m. whereas there has been a gradual shift from tangible production to intangible assets in the value chains of mnes , as reflected in the relative rates of growth over the last five years of royalties and licensing fee receipts (almost 5 % annually) compared with trade in goods and foreign direct investment (fdi) (less than 1 % annually); whereas mnes pay almost no taxes in some member states despite their significant digital presence and large revenues in those member states; ### m. whereas there has been a gradual shift from tangible production to intangible assets in the value chains of mnes , as reflected in the relative rates of growth over the last five years of royalties and licensing fee receipts (almost 5 % annually) compared with trade in goods and foreign direct investment (fdi) (less than 1 % annually); whereas some mnes pay almost no taxes in some member states by making use of legally conform tax planning strategies despite their significant digital presence and large revenues in those member states;


### 3. recalls that the eu’s proposals for a c(c)ctb also go far beyond these oecd alternatives at eu level , notably by departing from the separate entity principle; ### 3. recalls that the eu’s proposals for a c(c)ctb also go far beyond these oecd alternatives at eu level , notably by departing from the separate entity principle; notes , however , that seven member state national parliaments have issued reasoned opinions to state that the proposal for a c(c)ctb does not comply with the principle of subsidiarity as defined in article 5(3) teu.


### 4. recalls that the eu has been a pioneer in the debate to address the tax challenges arising from digitalisation , notably with the , c(c)ctb , dst and sdp proposals; ### 4. recalls that the eu has been a pioneer in the debate to address the tax challenges arising from digitalisation , notably with the , c(c)ctb , dst and sdp proposals; however , recognises that while tackling aggressive tax planning is a key priority , there are different views from member states on how to approach these challenges;


### 5. deplores that eu member states were not able to agree on a joint approach regarding dst; ### 5. recalls that eu member states were not able to agree on a joint approach regarding dst; notes that the oecd continues to address the tax challenges related to the digital economy and aims to reach a consensus-based long-term solution for a digital tax by the end of 2020; considers that the most ideal way to tackle tax challenges related to the digital economy is via a global agreement;


### 7. welcomes the participation on an equal footing of all countries involved in the inclusive framework , which brings together over 130 countries and jurisdictions to collaborate on the implementation of the oecd/g20 beps package and to negotiate joint solutions for tackling the remaining beps challenges; recalls , however , that over 100 developing countries were excluded from the negotiations on the 15 beps actions; ### 7. welcomes the participation on an equal footing of all countries involved in the inclusive framework , which brings together over 130 countries and jurisdictions to collaborate on the implementation of the oecd/g20 beps package and to negotiate joint solutions for tackling the remaining beps challenges;


### 8. notes that the oecd preliminary findings of the impact assessment suggest that the combined effect of pillar one and pillar two would lead to a significant increase in global tax revenues as well as a redistribution on taxing rights to market jurisdictions; notes in particular that pillar two would yield a significant increase of corporate income tax revenue globally; understands the two pillars would not adversely affect the investment environment20; ### 8. notes that the oecd’s secretariat-general’s preliminary findings of the impact assessment suggest that the combined effect of pillar one and pillar two would lead to a significant increase in global tax revenues as well as a redistribution on taxing rights to market jurisdictions; notes in particular that pillar two would yield a significant increase of corporate income tax revenue globally; understands the two pillars would not adversely affect the investment environment20;


### 12. considers that the scope of the reform should cover all large firms having the possibility to engage in beps practices by exploiting legal loopholes , ### 12. considers that the scope of the reform should cover all large firms having the possibility to engage in beps practices by using legal tax planning schemes in several member states and third countries.


### 13. recommends that , as a basis , operational profits should be derived from consolidated financial accounts; however , acknowledges the existence of temporal gaps when relying on consolidated financial accounts and invites member states to clarify this point at if level negotiations; ### 13. recommends to analyse the feasibility of deriving operational profits from consolidated financial accounts; however , acknowledges the existence of temporal gaps when relying on consolidated financial accounts and invites member states to clarify this point at if level negotiations;


### 14. welcomes the idea to develop a new nexus that goes beyond the concept of having a physical presence in a country to include a taxpayer into a scope , considers that the nexus should be designed in order to include firms with an active engagement and interaction with customers and users , also by digital means; ### 14. notes the idea to develop a new nexus that goes beyond the concept of having a physical presence in a country to include a taxpayer into a scope , considers that the nexus may be designed in order to include firms with an active engagement and interaction with customers and users , also by digital means; recommends to undertake a detailed impact assessment of how such a nexus would affect the corporate tax revenue of individual countries;


### 18. considers that making a distinction between routine and non-routine profits , currently not clearly defined , will add complexity and uncertainty for businesses , notably as regards oecd transfer pricing guidelines; is concerned that this could add opportunities to circumvent the newly agreed rules; ### 18. considers that making a distinction between routine and non-routine profits , currently not clearly defined , will add a significant burden of complexity and uncertainty for businesses , notably as regards oecd transfer pricing guidelines; is concerned that this could add opportunities to circumvent the newly agreed rules;


### 19. would therefore rather invite member states to push for a solution that would favour fractional apportionment , based on factors representing the value creation , such as sales , employees , assets and users; in that regard , recalls therefore its position on the c(c)ctb and sdp proposals; ### deleted


### 19. would therefore rather invite member states to push for a solution that would favour fractional apportionment , based on factors representing the value creation , such as sales , employees , assets and users; in that regard , recalls therefore its position on the c(c)ctb and sdp proposals; ### 19. would therefore rather prefer a solution that would favour fractional apportionment , based on factors representing the value creation , such as sales , employees , assets and users; in that regard , recalls therefore its position on the c(c)ctb and sdp proposals;


### 21. welcomes the globe proposal which aims at ensuring that a minimum level of taxes is paid where value is created and where economic activity is taking place; ### 21. notes the globe proposal which aims at ensuring that a minimum level of taxes is paid where value is created and where economic activity is taking place; considers that the ultimate aim of pillar 2 measures should be to tackle tax evasion , aggressive tax planning and tax avoidance and should not come at the expense of fair and legitimate tax competition;


### 22. invites member states to ensure that the globe proposal provides for the simplest framework that would not lead to the development of new harmful tax schemes; ### 22. invites member states to ensure that the globe proposal provides for the simplest framework that would not lead to the development of new legally conform , but harmful tax schemes;


### 24. considers that the calculation of tax bases , in the framework of the globe proposal , should be made according to agreed international principles to avoid tax base narrowing as well as competition among countries that risk undermining the effectiveness of any possible decision taken on a minimum effective level of taxation; ### 24. considers that the calculation of tax bases , in the framework of the globe proposal , should be made according to agreed international principles to avoid tax base narrowing;


### 24. considers that the calculation of tax bases , in the framework of the globe proposal , should be made according to agreed international principles to avoid tax base narrowing as well as competition among countries that risk undermining the effectiveness of any possible decision taken on a minimum effective level of taxation; ### 24. considers that the calculation of tax bases , in the framework of the globe proposal , should be made according to agreed international principles to avoid tax base erosion as well as harmful competition among countries that risk undermining the effectiveness of any possible decision taken on a minimum level of taxation;


### 25. considers that any discussion at oecd/g20 towards a minimum tax rate should focus on effective tax rates; considers that any minimum effective rate should be set at a fair and sufficient level to discourage profit shifting and prevent tax competition; ### deleted


### 26. reminds that setting a global level for minimum effective taxation raises the questions of blending across jurisdictions; considers therefore that , with respect to the income inclusion rule , the minimum effective level of taxation should be established for each jurisdiction where the mnes are located to limit possibilities to continue engaging in aggressive tax planning; ### deleted


### 28. calls upon the commission and member states to agree on a joint , ambitious eu position in the oecd negotiations , ensuring that the eu speaks with one voice and leads by example to ensure a fairer allocation of taxing rights and a minimum level of effective taxation; ### 28. calls upon the commission and member states to agree on a joint , ambitious eu position in the oecd negotiations , ensuring that the eu speaks with one voice and leads by example to ensure fairness in the international tax environment to tackle tax evasion , aggressive tax planning and tax avoidance;


### 31. invites the council , with the support of the commission , to update the criteria of the eu list of non-cooperative jurisdictions for tax purposes once the international rules and/or the eu newly agreed reforms have been adopted , and notably the eu listing criteria on fair taxation; ### deleted


### a. whereas the process of deepening the economic and monetary union requires a solid banking union as an indispensable building block to the euro area’s financial stability , as well as the creation of a mechanism of fiscal stabilisation for the euro area as a whole; ### a. whereas the process of deepening the economic and monetary union requires a solid banking union as an indispensable building block to the euro area’s financial stability;


### b. whereas the banking union remains incomplete as long as it lacks a backstop for the single resolution fund (srf) and a european deposit insurance scheme (edis); ### b. whereas the banking union remains incomplete as long as it lacks a backstop for the single resolution fund (srf) , a credible solution to the issue of sovereign exposures and a substantial reduction of the stock of non-performing loans;


### a. whereas according to the commission’s forecasts , the gdp growth rate for 2019 stands at 1.2 % of gdp per capita in the euro area and 1.4 % in the eu28 , and is expected to rise to 1.4 % and 1.6 % respectively in 202010; ### a. whereas according to the commission’s forecasts , the gdp growth rate for 2019 stands at 1.2 % of gdp per capita in the euro area and 1.4 % in the eu28 , and is expected to rise to 1.4 % and 1.6 % respectively in 202010; nevertheless those rates remain at significantly lower levels compared to the oecd forecast for annual growth in the us and asia;


### 1. market data contributors shall , with regard to shares , etfs and bonds that are traded on a trading venue , and with regard to otc derivatives as defined in article 2(7) of regulation (eu) no 648/2012 that are subject to the clearing obligation as referred to in article 4 of that regulation , provide the ctp with all the market data as set out in article 22b(2) as needed for the ctp to be operational. those market data shall be provided in a harmonised format , through a high quality transmission protocol , and as close to real-time as is technically possible. ### 1. market data contributors shall , with regard to shares , etfs and bonds that are traded on a trading venue , and with regard to otc derivatives as defined in article 2(7) of regulation (eu) no 648/2012 that are subject to the clearing obligation as referred to in article 4 of that regulation , provide the ctp with all the market data as set out in article 22b(2) as needed for the ctp to be operational. those market data shall be provided in a harmonised format , through a high quality transmission protocol , and no later than one minute after the transaction is executed.


### 1. market data contributors shall , with regard to shares , etfs and bonds that are traded on a trading venue , and with regard to otc derivatives as defined in article 2(7) of regulation (eu) no 648/2012 that are subject to the clearing obligation as referred to in article 4 of that regulation , provide the ctp with all the market data as set out in article 22b(2) as needed for the ctp to be operational. those market data shall be provided in a harmonised format , through a high quality transmission protocol , and as close to real-time as is technically possible. ### 1. market data contributors shall , with regard to shares , etfs and bonds that are traded on a trading venue , and with regard to otc derivatives as defined in article 2(7) of regulation (eu) no 648/2012 that are subject to the clearing obligation as referred to in article 4 of that regulation , provide the ctp with all the market data as set out in article 22b(2) as needed for the ctp to be operational. those market data shall be provided maximum 15 minutes after the transaction , in a harmonised format , through a high quality transmission protocol.


### 1. market data contributors shall , with regard to shares , etfs and bonds that are traded on a trading venue , and with regard to otc derivatives as defined in article 2(7) of regulation (eu) no 648/2012 that are subject to the clearing obligation as referred to in article 4 of that regulation , provide the ctp with all the market data as set out in article 22b(2) as needed for the ctp to be operational. those market data shall be provided in a harmonised format , through a high quality transmission protocol , and as close to real-time as is technically possible. ### 1. all market data contributors shall , with regard to shares , etfs and bonds that are traded on a trading venue , and with regard to otc derivatives as defined in article 2(7) of regulation (eu) no 648/2012 that are subject to the clearing obligation as referred to in article 4 of that regulation , provide the ctp with all the market data as set out in article 22b(2) as needed for the ctp to be operational. those market data shall be provided in a harmonised format , through a high quality transmission protocol , and with a delay of one minute.


### 4. market data contributors shall not receive any remuneration for the market data provided other than the revenue sharing as referred to in article 27da(2) , point (c). ### 4. market data contributors shall receive remuneration for the market data provided according to the revenue sharing as referred to in article 27h(1)(c).


### 4. market data contributors shall not receive any remuneration for the market data provided other than the revenue sharing as referred to in article 27da(2) , point (c). ### 4. market data contributors shall not receive any remuneration for the market data provided with a 15 minutes delay. when the delay of data provided to the consolidated tape becomes lower than 15 minutes , remuneration will be provided in accordance with article 27h(1)(c).


### 1. the commission shall set up an expert stakeholder group by [op add 3 months as of entry into force] to provide advice on the quality and the substance of market data , the common interpretation of market data and the quality of the transmission protocol referred to in article 22a(1). the expert stakeholder group shall provide advice on a yearly basis. that advice shall be made public. ### deleted


### 1. the commission shall set up an expert stakeholder group by [op add 3 months as of entry into force] to provide advice on the quality and the substance of market data , the common interpretation of market data and the quality of the transmission protocol referred to in article 22a(1). the expert stakeholder group shall provide advice on a yearly basis. that advice shall be made public. ### 1. the commission shall set up an expert stakeholder group by [op add 3 months as of entry into force] to provide advice on the quality and the substance of market data , the common interpretation of market data and the quality of the transmission protocol referred to in article 22a(1). the expert group shall have broad representation , including users of the data: buy and sell-side firms. the expert stakeholder group shall provide advice on a yearly basis. that advice shall be made public.


### 2. the commission shall be empowered to adopt delegated acts in accordance with article 50 to specify the quality and the substance of the market data and the quality of the transmission protocol. ### 2. the commission shall be empowered to adopt delegated acts in accordance with article 50 to specify the quality and the substance of the market data , the quality of the transmission protocol , measures to address erroneous trade reporting and enforcement standards in relation to data quality.


### for the purposes of the first subparagraph , the commission shall take into account the advice from esma and from the technical expert group established in accordance with paragraph 2 , international developments , and standards agreed at union or international level. the commission shall ensure that the delegated acts adopted take into account the reporting requirements laid down in articles 3 , 6 , 8 , 10 , 14 , 18 , 20 , 21 and 27g. ### for the purposes of the first subparagraph , the commission shall take into account the advice from esma , esma's stakeholder groups , feedback received via public consultations , international developments , and standards agreed at union or international level. the commission shall ensure that the delegated acts adopted take into account the reporting requirements laid down in articles 3 , 6 , 8 , 10 , 14 , 18 , 20 , 21 and 27g.


### 1. by [op insert date 3 months as of entry into force] , esma shall organise a selection procedure for the appointment of the ctp for a five year term. esma shall organise a separate selection procedure for each of the following asset classes: shares , exchange traded funds , bonds and derivatives (or relevant subclasses of derivatives). ### 1. once the delegated act referred to in article 22b has been adopted and esma has concluded that available market data for the respective asset class is of sufficient quality , esma shall organise a selection procedure for the appointment of the ctp for bonds for a five year term.


### 1. by [op insert date 3 months as of entry into force] , esma shall organise a selection procedure for the appointment of the ctp for a five year term. esma shall organise a separate selection procedure for each of the following asset classes: shares , exchange traded funds , bonds and derivatives (or relevant subclasses of derivatives). ### 1. by [three months after the date of entry into force of the delegated act under article 22b(2)] , esma shall organise a selection procedure for the appointment of the ctp for a five year term. esma shall organise a separate selection procedure for each asset class prioritising shares and etfs over bonds and derivatives. each selection procedure shall be initiated no later than six months following the initiation of the preceding one.


### 1. by [op insert date 3 months as of entry into force] , esma shall organise a selection procedure for the appointment of the ctp for a five year term. esma shall organise a separate selection procedure for each of the following asset classes: shares , exchange traded funds , bonds and derivatives (or relevant subclasses of derivatives). ### 1. by [op insert date 3 months as of entry into force] , esma shall organise a selection procedure for the appointment of the ctp for a five year term. esma shall organise a separate selection procedure for each asset class prioritising bonds over shares and shares over exchange traded funds. each selection procedure shall be initiated no later than six months following the initiation of the preceding one.


### 1. by [op insert date 3 months as of entry into force] , esma shall organise a selection procedure for the appointment of the ctp for a five year term. esma shall organise a separate selection procedure for each of the following asset classes: shares , exchange traded funds , bonds and derivatives (or relevant subclasses of derivatives). ### 1. by [op insert date 3 months as of entry into force] , esma shall organise a selection procedure for the appointment of the ctp for a five year term. esma shall organise a separate selection procedure for each of the following asset classes: shares , exchange traded funds , bonds and derivatives (or relevant subclasses of derivatives). contribution to the consolidated tape for shares shall be mandatory.


### 2. for each of the asset classes referred to in paragraph 1 , esma shall assess the applications on the basis of the following criteria: ### 2. for each of the asset classes referred to in paragraph 1 ,esma shall select the applicant for subsequent authorisation on the basis of the following criteria:


### the governance structure of the applicants; ### the adequacy of the governance structure of the applicant in line with the rts to be developed by esma referenced in article 22b(1);


### the speed at which the applicants can disseminate core market data; ### the adequacy of speed at which the applicants can disseminate core market data;


### the capacity of the applicants to disseminate good quality data; ### the appropriateness of the applicant’s methods and arrangements to ensure data quality;


### the total expenditure needed by the applicants to develop the consolidated tape and the costs of operating the consolidated tape on an ongoing basis; ### the reasonable level of total expenditure needed by the applicant to develop the consolidated tape and the costs of operating the consolidated tape on an ongoing basis;


### the level of the fees that the applicant intends to charge to the different types of users of the core market data; ### the level of the fees that the applicant intends to charge to the different types of users of the core market data; their proportionality to the costs incurred for running the ctp , as well as the simplicity of its fee and licensing models; and the applicant’s ultimate ability to cover costs and generate a reasonable margin in line with article 13 rcb which applies to other types of data providers;


### the storage medium the applicants will use for the storage of historic data; ### the appropriateness of the arrangements in place to preserve records for the purposed of article 27ha(3);


### the protocols the applicants will use to prevent and address outages. ### the ability to ensure regularity resilience and business continuity.


### 3. the first selection procedure organised for shares shall only invite bids for the provision of a consolidated tape containing post trade data. prior to subsequent selection procedures , esma shall assess market demand and revenue impacts on regulated markets and based on that assessment , report to the commission on the opportunity of adding best bids and offers and corresponding volumes to the tape. based on that report and on the experience gained further to the first selection procedure , the commission is empowered to adopt a delegated act specifying the appropriate level of pre-trade data to be contributed to the ctp. ### deleted


### 3. the first selection procedure organised for shares shall only invite bids for the provision of a consolidated tape containing post trade data. prior to subsequent selection procedures , esma shall assess market demand and revenue impacts on regulated markets and based on that assessment , report to the commission on the opportunity of adding best bids and offers and corresponding volumes to the tape. based on that report and on the experience gained further to the first selection procedure , the commission is empowered to adopt a delegated act specifying the appropriate level of pre-trade data to be contributed to the ctp. ### 3. the selection procedure organised for all asset classes shall only invite bids for the provision of a consolidated tape containing post trade data with a delay of one minute.


### 3. the first selection procedure organised for shares shall only invite bids for the provision of a consolidated tape containing post trade data. prior to subsequent selection procedures , esma shall assess market demand and revenue impacts on regulated markets and based on that assessment , report to the commission on the opportunity of adding best bids and offers and corresponding volumes to the tape. based on that report and on the experience gained further to the first selection procedure , the commission is empowered to adopt a delegated act specifying the appropriate level of pre-trade data to be contributed to the ctp. ### 3. the first selection procedure organised for shares shall only invite bids for the provision of a consolidated tape containing 15 minutes delayed post trade data. prior to subsequent selection procedures , esma shall assess market demand and revenue impacts on regulated markets and based on that assessment , report to the commission on the further specifications to the tape , including the appropriate delay for market data provided to the consolidated tape. based on that report and on the experience gained further to the first selection procedure , the commission is empowered to adopt a delegated act specifying measures for improvements of the post trade consolidated tape.


### 3. the first selection procedure organised for shares shall only invite bids for the provision of a consolidated tape containing post trade data. prior to subsequent selection procedures , esma shall assess market demand and revenue impacts on regulated markets and based on that assessment , report to the commission on the opportunity of adding best bids and offers and corresponding volumes to the tape. based on that report and on the experience gained further to the first selection procedure , the commission is empowered to adopt a delegated act specifying the appropriate level of pre-trade data to be contributed to the ctp. ### 3. the first selection procedure organised for shares shall only invite bids for the provision of a 1 minute delayed post-trade consolidated tape. prior to subsequent selection procedures , esma shall assess market demand and revenue impacts on regulated markets and based on that assessment , report to the commission on the opportunity of adding real-time or close to real-time post-trade data to the consolidated tape. based on that report and on the experience gained further to the first selection procedure , the commission is empowered to adopt a delegated act specifying the timeline for the provision of real-time or close to real-time post-trade data to the consolidated tape , if and where appropriate.


### 3. the first selection procedure organised for shares shall only invite bids for the provision of a consolidated tape containing post trade data. prior to subsequent selection procedures , esma shall assess market demand and revenue impacts on regulated markets and based on that assessment , report to the commission on the opportunity of adding best bids and offers and corresponding volumes to the tape. based on that report and on the experience gained further to the first selection procedure , the commission is empowered to adopt a delegated act specifying the appropriate level of pre-trade data to be contributed to the ctp. ### 3. the first selection procedure organised for shares shall only invite bids for the provision of a consolidated tape containing one minute delayed post trade data. prior to subsequent selection procedures , esma shall assess market demand and revenue impacts on regulated markets and based on that assessment , report to the commission on possible improvements to the tape , including on the delay of market data consolidated by the consolidated tape provider. based on that report and on the experience gained further to the first selection procedure , the commission is empowered to adopt a delegated act specifying measures detailing improvements to the post trade data tape.


### 4. the selection of the ctp for shares shall , in addition to the criteria in paragraph 2 , consider the revenue participation scheme , and in particular the formula , applicable to regulated markets that are market data contributors. esma shall , when considering the competing tenders , select the ctp for shares that offers the revenue participation scheme that provides regulated markets , in particular smaller regulated markets , with the highest amount of revenue that remains for distribution once deducted operating costs and a reasonable margin. this revenue shall be distributed in accordance with article 27h(1)(c) , and in a manner commensurate to the market data contributed according to article 22a. ### deleted


### 4. the selection of the ctp for shares shall , in addition to the criteria in paragraph 2 , consider the revenue participation scheme , and in particular the formula , applicable to regulated markets that are market data contributors. esma shall , when considering the competing tenders , select the ctp for shares that offers the revenue participation scheme that provides regulated markets , in particular smaller regulated markets , with the highest amount of revenue that remains for distribution once deducted operating costs and a reasonable margin. this revenue shall be distributed in accordance with article 27h(1)(c) , and in a manner commensurate to the market data contributed according to article 22a. ### 4. the selection of the ctp shall , in addition to the criteria in paragraph 2 , consider the revenue participation scheme , and in particular the formula , applicable to regulated markets that are market data contributors. esma shall , when considering the competing tenders , select the ctp that (a) ensures a fair and just minimum compensation for (i) costs incurred in complying with their obligations under article 22a , article 22b and article 22c and (ii) revenue losses as a result of the consolidated tape offering a substitute to the exchanges market data licenses and (b) offers the revenue participation scheme that provides fair and just compensation for the data contributed to the tape , with the highest amount of revenue that remains for distribution once deducted operating costs and a reasonable margin. this revenue shall be distributed in accordance with article 27h(1)(c) , and in a manner commensurate to the market data contributed according to article 22a.


### 4. the selection of the ctp for shares shall , in addition to the criteria in paragraph 2 , consider the revenue participation scheme , and in particular the formula , applicable to regulated markets that are market data contributors. esma shall , when considering the competing tenders , select the ctp for shares that offers the revenue participation scheme that provides regulated markets , in particular smaller regulated markets , with the highest amount of revenue that remains for distribution once deducted operating costs and a reasonable margin. this revenue shall be distributed in accordance with article 27h(1)(c) , and in a manner commensurate to the market data contributed according to article 22a. ### 4. the selection of the ctp for shares shall , in addition to the criteria in paragraph 2 , consider the revenue participation scheme , and in particular the formula , applicable to regulated markets that are market data contributors. esma shall , when considering the competing tenders , select the ctp for shares that offers the revenue participation scheme that provides regulated markets with the highest amount of revenue that remains for distribution once deducted operating costs and a reasonable margin. in addition , the revenue participation scheme shall ensure for adequate proportionality for smaller regulated markets , which may receive proportionally higher revenues when compared to larger regulated markets. this revenue shall be distributed in accordance with article 27h(1)(c) , and in a manner commensurate to the market data contributed according to article 22a.


### 4. the selection of the ctp for shares shall , in addition to the criteria in paragraph 2 , consider the revenue participation scheme , and in particular the formula , applicable to regulated markets that are market data contributors. esma shall , when considering the competing tenders , select the ctp for shares that offers the revenue participation scheme that provides regulated markets , in particular smaller regulated markets , with the highest amount of revenue that remains for distribution once deducted operating costs and a reasonable margin. this revenue shall be distributed in accordance with article 27h(1)(c) , and in a manner commensurate to the market data contributed according to article 22a. ### 4. the selection of the ctp for shares shall , in addition to the criteria in paragraph 2 , consider the revenue participation scheme , and in particular the formula , applicable to regulated markets that are market data contributors. esma shall , when considering the competing tenders , select the ctp for shares that offers the revenue participation scheme that provides a fair and just revenue compensation for the data contributed to the tape by regulated markets , in particular smaller regulated markets , with the highest amount of revenue that remains for distribution once deducted operating costs and a reasonable margin. this revenue shall be distributed in accordance with article 27h(1)(c) , and in a manner commensurate to the market data contributed according to article 22a.


### 5. esma shall adopt a fully reasoned decision selecting and authorising the entities operating the consolidated tapes within 3 months as of initiation of the selection procedure referred to in paragraph 2. such reasoned decision shall specify the conditions under which the ctps shall operate , and in particular the level of fees referred to in paragraph 2 , point (g) and for shares the level of the participation referred to in paragraph 3 , in particular for smaller regulated markets. ### 5. esma shall adopt a fully reasoned decision selecting and authorising the entities operating the consolidated tapes within 3 months as of initiation of the selection procedure referred to in paragraph 2. such reasoned decision shall specify the conditions under which the ctps shall operate , and in particular the level of fees referred to in paragraph 2 , point (g) and for shares the level of the participation referred to in paragraph 3 , in particular for smaller regulated markets.


### 6. the selected ctps shall comply at all times with the organisational requirements set out in article 27h and with the conditions set out in the decision of esma authorising the ctp referred to in paragraph 3. a ctp that is no longer able to comply with those requirements and conditions , including the requirements and conditions on system disruptions and intrusions , shall inform esma thereof without undue delay. ### 6. the selected ctps shall comply at all times with the organisational requirements set out in article 27h and with the conditions set out in the decision of esma authorising the ctp referred to in paragraph 3. a ctp that is no longer able to comply with those requirements and conditions , including the requirements and conditions on system disruptions and intrusions , shall inform esma thereof without undue delay. in such case , esma shall withdraw the authorization referred to in article 27e.


### 7. the withdrawal of the authorisation referred to in article 27e shall only take effect as of the moment that a new ctp has been selected and authorised in accordance with paragraphs 1 to 4. ### 7. the withdrawal of the authorisation referred to in article 27e shall take effect either (a) as of the moment that a new ctp has been selected and authorised in accordance with paragraphs 1 to 4 or (b) if the consolidated tape has not complied with the organizational requirements set out in article 27h for more than 6 months.


### in the case of market data concerning shares , redistribute part of their revenues for the purposes of covering the cost related to mandatory contribution and of ensuring a fair level of participation for regulated markets , and in particular smaller regulated markets , in the revenue generated by the consolidated tape , in accordance with article 27da(4); ### in the case of market data concerning shares and etfs , redistribute part of their revenues for the purposes of covering the cost related to mandatory contribution and of ensuring a fair level of participation for regulated markets , and in particular smaller regulated markets , in the revenue generated by the consolidated tape , in accordance with article 27da(4).