Local view for "http://purl.org/linkedpolitics/eu/plenary/2003-03-11-Speech-2-153"
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"en.20030311.7.2-153"2
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"Mr President, I want to thank the rapporteur, Mr Friedrich, for his sterling work on this matter. The issue of the voting rules for the ECB’s Governing Council is very important, especially in view of the forthcoming enlargement and, so too, of the probable expansion of EMU cooperation. The present rules must be reformed. Everyone seems to agree that reform is necessary. It is not, however, entirely clear what that reform is to look like.
Mr Friedrich’s report rejects the proposal put forward by the ECB on 3 February: a model with 21 votes on the part of 15 Central Bank governors and six auditors, and a rotating system once 16 or more countries have entered the currency union. That means that, in the extremely near future, not all Member States’ voices will be heard. There will be a system in which not everyone participates, but which is nonetheless unwieldy and complicated. If decision-making is unduly complicated, this will lead either to the Bank’s not being able to respond quickly enough to economic changes or to decisions’ not being seen as legitimate. The rotation system will make it difficult to demand accountability, because it will become almost impossible to decide which individual or individuals is or are responsible for a decision.
Mr Friedrich’s report, considerably compromised by the Committee on Economic and Monetary Affairs, proposes fundamental principles: the principle of one member one vote and principles concerning representativeness, transparency and accountability and about taking the lead in devising a new decision-making model that will be more efficient but also designed in such a way that all members still participate.
I think that this will be important for the small countries. It will also be significant for the new Member States. For myself, coming as I do from a country that is facing a crucial referendum on exchanging the krona for the euro, it feels only right and sensible to recommend a decision-making model that can be efficient and responsive in the long term and, at the same time, give everyone the opportunity to participate in a process in which it is also possible to demand accountability."@en1
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