Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-02-14-Speech-3-323"
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"en.20070214.23.3-323"2
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".
Madam President, I can answer the question as follows. The objectives of the European System of Central Banks (ESCB) are laid down in Article 105 of the EC Treaty. The main purpose of the provision is the maintenance of price stability. Apart from this objective, however, the ESCB supports the general economic policies of the Community with a view to contributing to the achievement of the Community’s objectives pursuant to Article 2 EC. The ESCB acts in accordance with the principles of a market economy and free competition. This includes, in particular, the effective allocation of resources in compliance with the principles of the EC Treaty. The provisions of Article 107(5) EC may be amended by the Council acting by a qualified majority; that is, acting either by a qualified majority on a recommendation from the European Central Bank (ECB) and after consulting the Commission or unanimously on a proposal from the Commission and after consulting the ECB. In either case, the assent of the European Parliament is required. Since, however, Article 105 EC mentioned at the beginning is not among the provisions listed in Article 107(5), it can be amended only using the general Treaty amendment procedure pursuant to Article 48 TEU. The Council is not currently dealing with any proposals to this effect."@en1
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