kfajdsl/voxpopuli huggingface dataset:
that's why the eu wants to impose the eu state aid rules on the uk during and even after transition.
state aid rules were intended to ensure a level playing field in the use of subsidies.
but it won't be a level playing field because this legislation will streamline the approval process for eu businesses but not uk ones.
first there is no such thing as eu money. it comes from the taxpayer and it is taxpayers' money.
asking for more didn't help him but escape from a nineteenth century workhouse most certainly did.
but the world of work has changed significantly since then and it is high time to update the egf regulation to reflect better the current economic and social context.
one of the key features of our proposal was the accelerated mobilisation procedures.
we and especially the ecb face three important challenges.
the globalisation adjustment fund simply means that we're sending money to the european union to then apply for it back with strings attached and then to lose two thirds of that from the following year's rebate.
in this case it's simply an inefficient use of taxpayers' money in britain.
mr president amendments ninety seven and ninety eight speak on the impact of the uk's withdrawal on the eu economy and it is topical because in the last hour we've seen the british house of commons overwhelmingly reject theresa may's brexit deal in the biggest defeat for any government in british history.
mr president i rise exactly an hour since the house of commons voted by an unprecedented majority to reject theresa may's brexit deal.
i rise representing a constituency in the west midlands of the uk disproportionately likely according to the centre for cities to find people losing their jobs due to digitalisation due to platform working and so on;
i rise in a debate about a european fund that puts central european money into places in our continent where people on a big scale are losing their jobs and it gives them skills and it gives them direction back into work.
one should keep the two things separate.
it has to be the use of macroprudential tools by the national governments.
it does change from country to country;
however all this is happening at lower and lower growth rates.
but of course we monitor all this very carefully.
it is true that it worsens the distribution in the short term.
and so that's the basic thing no reforms no growth.
it's the unemployment.
let me make a comparison with the united states because someone raised that point.
we have negative interest rates and they are expected to be like this for an extended period of time.
what does it mean in terms of numbers?
has our policy prevented restrained or shrunk access by smes to credit?
the jobs created in the euro area over this period of time have been.
and the first incompleteness is to finish the things that had been decided already namely the banking union.
there was perhaps more than one question about whether our monetary policy has helped equity.
it was not fantastic especially for the countries that complain most today about the euro;
it cannot do everybody else's job.
that's the main side effect.
more generally some questions addressed the role of the ecb and very rightly as observed by the rapporteur the ecb has its role but cannot fill all the roles that everybody else should fill.
very often these issues are a consumer protection issue so it's the national consumer protection authority that has to monitor the conditions of lending.
but if you do the first two things and the european parliament has really carried out a very positive and constructive role at each and every point in time of this discussion if these two things are done we are way better even if the next steps on the creation of the fiscal capacity may take longer for pretty obvious political difficulties.
bad. they got very high inflation and they got unemployment higher than countries that did not use monetary financing.
and they put into question the european union. they have to do with brexit. they have to do with trade tensions with
so what you decide about how to move ahead will be really in your own judgment.
but it could be longer than was expected before.
system. and we notice however that some of these things get better and some others get
and so various steps and delays and compromises and negotiations are necessary.
one of which is simply that two thousand and seventeen was a pretty exceptional year when compared with historical averages.
and we have been receiving weaker data than expected now for a longer time than we had expected a few months
but then we also said that there are also some more permanent causes of this slowingdown.
for example what happened to the car industry;
a cost. and the cost is lower confidence lower business confidence and lower consumer confidence.
worse. the result of this however is that at least for some time to come there's going to be a continuing uncertainty that changes nature and this has
this is one example which is a temporary drop.
now the road to that goal is not going to be simple we all know that.
ago. in other words at the beginning we had lower data and we said and we continue to say by the way that some of this weaker momentum was due to temporary factors and specific to sectors and certain countries.
last. these geopolitical uncertainties put into question the pillars upon which the order that was built after the second world war was constructed.
but the direction and the sense of final results should always be present.
and on what does the length of this slowdown depend? to answer this question we have to go back and ask ourselves what are the factors that originally caused this weakening in
other questions related to the presence of financial stability risks.
the ecb has a role which is limited to monetary policy which is circumscribed by its mandate.
don't change don't affect don't damage don't harm your banking system your financial system because the result of this will only be that they will not be able to lend as much as they could to the private sector of your economy but rather help the poor people who cannot pay.
the important thing is that whatever you decide we'll never compromise over the final outcome.
first of all because when monetary financing was available for the countries that actually vastly used monetary financing before the euro the situation was very
it was not fantastic at all before the euro.
the ecb has the tools to address this but keep in mind that our present monetary policy stance is very accommodative already.
there is not a blueprint which is the same for all countries.
it means that we will continue buying by and large at least this year or the next year fifteen billion euros of bonds a month which was by and large what we had been buying in the last three months of last year.
the answer is absolutely no.
the second is to start to move fast on the capital markets union and the third is to build fiscal capacity.
each country has its own history.
what does it mean? it means that as bonds come to maturity we repurchase the bonds.
the answer that we give so far is no.
because of two main reasons.
but then there are also problems also incompleteness in the economic and monetary union.
when we change interest rates we change distribution between creditors and debtors or between young and old.
several questions addressed the economic effects of the policy of the ecb.
also in some areas of some countries in the residential real estate in some segments of the bond market.
for these problems the response is not to change the payments culture but rather to help the poor people who cannot pay back.
so the question we ask ourselves is is our policy worsening the distribution?
by the way big progress has been achieved on that front already but more needs to be done.
of course we have to be careful about making these comparisons because the units have to be standardised and the same thing we get on the employment numbers in millions.
and the answer to these local situations cannot be a change in monetary policy.
it enables us to get more investment for less cost to the taxpayer. over the last two years i have been holding regular public meetings on the investment plan around my constituency in collaboration with the european investment bank and commissioner katainen and his officials who deserve great credit.
this is about small businesses in particular that we need to help and i am pleased we are doing that.
this is not about big business which has its own independent way of raising capital.
finally i must say that this also has to be taken in the context of what is happening in westminster this evening.
at the same time we will be held accountable for the risks entailed by an unfinished banking
an accompanying communication on strengthening the union's framework for prudential and anti money laundering supervision.
i count on your full support to conclude negotiations on the legislative proposal before the end of this legislature.
i have to tell you there are many things in the european union that are a question of subsidiarity but that is certainly not true for the rule of law.
i read in the press that you have a plan to approve a law to grant amnesty on corruption so that means putting the big fish out of reach of the courts.
i said exactly the same that same day to mr triceanu and he promised me that your government and both parties forming your majority will change the proposals and will be fully compliant with the venice commission.
be the real prime minister of your country.
it is criticism of a number of practices of your political majority for the moment and i think i can be critical of these practices as i am an honorary citizen of the romanian republic.
so let me tell you one simple thing in this debate if this were to be confirmed my group in any case and the whole liberal family will not go into elections with such partners. we want to side with all new clean and democratic forces who want to stop corruption clean up the country and are also anti abuse
moreover he agreed with me that the venice commission would have a second opinion once the change is made to these proposals.
i have to tell you very honestly that since we met each other with mr bullmann and others in bucharest not one of these promises has been kept.
we are just before the european elections and i have made a little list the mobility and transport package;
thank you very much for your hard work and i very much hope and am confident that under the romanian presidency the council will for its part advance also further on our interreg proposal with a view to its adoption in two thousand and nineteen well in time for the next programing round.
there will be a high demand for these resources.
however for the summit to be really helpful it also needs to include some of the most burning issues that we have in europe that we need to solve.
we have brexit coming up or not and the eu elections of course.
we wish you a lot of success with all those things on your plate and we hope to be positively surprised.
the presidency is a vital job in our institutional relations and for moving europe forward.
these days thousands of people in romania are out in the streets asking for civil liberties and good governance but the problem is that they're not being heard because instead the government has been organising a backlash against those civil liberties and against good governance and the proposed law changes will result in legalising corruption de facto.
how do we make social rights for people a reality rather than just nice words?
you still have time to become that good example that we need in europe but the clock is certainly ticking.
how will the eu respond to the backlash against the rule of law in several member states?
the government is even planning to reduce the rights to protest against that law change or others.
we all should be very proud of those achievements.
however a presidency is also always a time when a country is put into the limelight and what we discover there when looking at the romanian government gives us reasons for concern.
romania has joined the european union and has made important progress especially against the evil of corruption.
for example how are we going to stop climate change? how are we going to manage the transition to a carbonfree economy?
at the same time the european union also needs a longterm vision so it's very good that you have planned the summit in may.
of our european values promoting equality social fairness and social progress through concrete actions to empower and protect our citizens the unemployed and the employed men and women eu natives or citizens born outside the european union
it is an instrument to help achieve social cohesion and upward social convergence.
those twenty years the euro has proved itself a successful currency which is widely supported by people.
allow me also to welcome the call in the report to accelerate the capital markets union in order to deepen financial integration.
our work with neighbouring mediterranean countries on the more pressing issues has been complimented with further engagement with countries further afield in africa.
they are supplemented by a robust set of funding instruments including the eu emergency trust fund for africa through which the eu has been able to mobilise more than eur four billion for actions across the main african migratory routes.
colegislators are putting a lot of effort into reaching a position which will allow them to start interinstitutional negotiations. however there are still significant disagreements between member states on some major issues of the asylum reform in particular the dublin regulation. while all member states agree on the importance of striking the right balance between responsibility and solidarity
solidarity can be expressed in different ways.
it has been argued that enhancing the responsibilities of member states should be compensated by a predictable system which is capable of providing relief to frontline member states faced with a crisis.
nevertheless a number of challenges remain on all mediterranean routes and they are very different from one another. the european council conclusions of june last year set out clear guidance for priority action on each route. hence we will continue taking forward the implementation of existing policies on the eastern and central mediterranean routes.
on the eastern mediterranean route numbers remain low but the significant increase of irregular arrivals at the greek turkish land border shows that we must keep a vigilant attitude to any shifts along the route.
it will also establish a regular forum for discussions with our african partners.
two thousand and fifteen this shows that our resolute and comprehensive action and our engagement with key partner countries have paid off and should continue to be pursued.
in this respect cooperation with turkey under the euturkey statement as well as with our western balkan partners is essential.
striking the right balance is not only about finding the right formula for the distribution mechanism.
one third eur ninety one million was granted to support the libyan coast guard in the form of training including on human rights and equipment to set up basic operational rooms for the coast guard in tripoli and to support the development of libya's own maritime rescue coordination centre.
it has so far proved impossible to find a compromise on the concrete elements of that balance.
the complexity of the situation is demonstrated by the fact that notwithstanding the important decrease in the number of arrivals there is still a high number of asylum applications a big proportion of which are lodged in countries other than the frontline member states. this shows that there are significant secondary movements
for other important legislative files like the schengen borders code the visa code and the immigration liaison officers regulation the presidency hopes to conclude the ongoing trilogues with parliament before the elections. regarding the reform of the european border and coast guard both
the regional dialogue in recent years the rabat and khartoum processes and the valletta action plan represent useful frameworks for a comprehensive and deep cooperation with african partners.
mr president of the european parliament mr vicepresident of the commission honourable members of the european parliament i am very pleased to be here to discuss with you the ecb's activities and your draft resolution on the ecb's annual report.
the first decade was the culmination of a thirtyyear period of macroeconomic stability the era known as the great moderation'.
as the precrisis period was characterised by moderate swings in the economic cycle the ecb was able to ensure price stability mainly by adjusting its policy rates.
establishing a single currency area between eleven european countries was a historic step for our continent and certainly a quantum leap in our economic integration.
in this context i would like to use my remarks to take a look back at the ecb's monetary policy to take stock of what we have learned and to highlight the challenges that remain.
we also needed to expand our policy stance to counteract deflationary pressures.
particularly when central banks have to use new tools that are not well understood by the public.
euro. our policy response and the important changes to the architecture of the economic and monetary union in the meantime also helped the euro area out of the crisis.
the highest rate ever recorded in the euro area.
the ecb's monetary framework rests on three elements a clear mandate to achieve price stability;
since this is my last hearing before this plenary as ecb president let me thank all of you for how this process has been carried out during my mandate for the valued interactions with you and the opportunity you have given me to explain the ecb's policies.
with inflation now well below our objective the ecb faced a new type of policy challenge.
second we have seen that instrument independence is key to an effective monetary policy since it allows the central bank to act quickly and flexibly to shocks especially in exceptional times.
the economy had bounced back from the post lehman crisis in a similar manner to other jurisdictions.
our asset purchases have also been complemented by further cuts in policy rates and the use of what we call forward guidance'.
that underlying strength of the economy has underpinned our confidence that inflation would converge towards our inflation aim in a sustained manner.
the crisis has offered many lessons beyond monetary policy
cuts in key ecb interest rates were not being passed on to firms and households to the same extent in every euro area country. we were witnessing a serious disruption in the monetary policy transmission mechanism which if left
the unemployment rate has declined
our forward guidance on key ecb interest rates reinforced by the reinvestments of the sizeable stock of assets we have acquired so far continues to provide the necessary degree of monetary accommodation for a sustained convergence of inflation to our objective.
since then both the size and duration of our asset purchases have been recalibrated in response to changes in the inflation outlook.
the governing council has started to publish the accounts of its monetary policy meetings.
new instruments became essential to safeguard the effectiveness of our monetary policy and stabilise the euro area economy. this in turn required us to refine our approach to central bank communication and accountability.
we decided to end our net purchases in december last year confident that the sustained convergence of inflation to our aim would proceed.
the ecb and the european parliament have increased the intensity and focus of their exchanges.
first central bank liquidity was made available to banks for up to three years and a range of collateral that banks could use to access central bank money was expanded.
so there is no room for complacency here.
but the necessary changes took time and it was time that the euro area lost in its recovery.
we introduced negative rates on excess reserves to further encourage banks to lend to households and firms and soon after we announced our asset purchase programme buying assetbacked securities and covered bonds.
the combination can only be squared if they are held accountable by elected authorities.
today we can say that the euro area has emerged from a crisis so severe as to threaten at times its existence.
even though financial fragmentation was diminishing banks began to shrink their balance sheets and became less willing to lend. this produced a renewed cycle of contracting credit growth and weak demand dynamics.
the importance of each of these elements has been reinforced by the crisis.
faced with unprecedented threats to price stability the ecb adapted its policy instruments to continue delivering on its mandate.
made. as i had the opportunity to discuss during my regular hearing before the committee on economic and monetary affairs and as your draft resolution points out the priority now is to increase the resilience of the euro
so in june two thousand and fourteen we launched our targeted longterm refinancing operations which once more provided longterm liquidity to banks but conditional on extending credit to the private sector.
central banks are powerful and independent but they are not elected.
we will continue to do so if and when needed in compliance with our mandate as defined by the eu treaties and with all the independence over our tools as defined by our legal framework.
unemployment rose steeply firms cut back on investment and loan delinquencies increased.
and a strong accountability framework.
the first two decades of the euro area have seen an evolution in the way the ecb conducts its monetary policy.
area. this would also strengthen the transmission of monetary policy in future downturns.
to deliver its full benefits the european union requires permanent political commitment at both national and european levels and across policy areas. in this respect i can testify to the essential role the european parliament has played during the challenging years of the crisis and i am certain that it will also be fundamental in carrying out the remaining work until the completion of economic and monetary union. the credibility of the ecb rests on its independence
faced with a continued decline in inflation and a heightened risk of deanchoring of inflation expectations in january two thousand and fifteen we expanded the asset purchase programme to include public sector securities.
in light of this we have stepped up our efforts to improve our communication and strengthen our accountability in recent years.
when i arrived at the ecb in november two thousand and eleven the euro area faced a very challenging set of circumstances.
we have now seen twenty two consecutive quarters of economic growth.
at the same time recent economic developments have been weaker than expected and uncertainties notably related to global factors remain prominent.
all this has provided us with more opportunities to explain our decisions and demonstrate how the ecb is acting in accordance with its mandate which is a fundamental pillar of its legitimacy.
this helped reduce fragmentation in banks' funding conditions.
are. nine six million more people in employment in the euro area than there were in the second quarter of two thousand and thirteen which was the worst point of the crisis so in five years.
a significant amount of monetary policy stimulus is still needed to support the further buildup of domestic price pressures and headline inflation developments over the medium term.
our monetary union is now in a better shape but further progress can and should be
but from two thousand and ten onwards a loss of confidence in the sustainability of sovereign debt had produced a vicious circle of rising borrowing costs financial fragmentation and contracting economic activity.
communicating our expectations about future policy along with the conditions that would warrant a change in the policy stance has successfully contributed to reduce the uncertainty around the expected future path of shortterm interest rates thereby helping to preserve accommodative financing conditions.