Local view for "http://purl.org/linkedpolitics/eu/plenary/2003-03-11-Speech-2-156"
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"en.20030311.7.2-156"2
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"Mr President, I am pleased that the European Parliament’s Committee on Budgets yesterday opted to support what is also the Finnish Government’s policy, according to which any reform proposed by the Council cannot serve as a basis for decision-making. The work of the European Central Bank’s main decision-making body must be reformed in order for effective decision-making to be possible after enlargement. The model proposed by the ECB Governing Council, however, is overly complicated and vague, and will not make it any easier for the general public to follow how monetary policy is formulated. We all want to make decision-making on monetary policy more effective, but the system must be more transparent and comprehensible.
The problem at present with decision-making in the ECB is not how votes are cast, but the fact that the Governing Council is trying too hard to avoid voting in general. The existing version of Article 10(2) of the Statute of the European Central Bank states that the ECB Governing Council takes its decisions by a simple majority. Proposals for decisions are not, however, put to the vote before there is consensus in the discussions. According at least to the statements made in Parliament by the President of the ECB, Wim Duisenberg, consensus means more than a majority but less than unanimity. For the ECB to be able to react more swiftly to market changes it should practise majority voting. From this point of view, it is not sensible for the voting procedures to be made complicated and off-putting with even less voting happening than before. Moreover, the rotation model being proposed by the ECB violates several principles which both Parliament and the central bank governors themselves used to consider of vital importance.
The preparatory work to reform the ECB’s voting procedures is to be postponed until the Intergovernmental Conference takes place. Two proposals by Parliament are worthy of support. The first is the call for double key voting and the second the proposal that operational decisions concerning practical monetary policy should be distinguished in decision-making from longer-term institutional and strategic decisions. We hope that Ecofin takes Parliament’s opinion into consideration when it makes its decision."@en1
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