Local view for "http://purl.org/linkedpolitics/eu/plenary/1999-10-26-Speech-2-095"
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"en.19991026.3.2-095"2
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"President Duisenberg, I would like to mention three matters critical to this first annual report of the European Central Bank: accountability, transparency and employment. Firstly, in my view, the content and the drafting of the report do not make it sufficiently clear that the European Central Bank is willing to subject itself to democratic control by the European Parliament. This is demonstrated by the fact that dialogue on monetary matters between Parliament and the ECB is assessed on page 95/96 on just the same terms as cooperation with other institutions. In my opinion, this is in contradiction to Article 113 of the Treaty on European Union, which makes it mandatory for the ECB to present an annual report of its activities and its monetary policy to Parliament. This is precisely what you get as a result of the fact that the European Central Bank’s accountability towards Parliament is described in such vague terms in this Article. I therefore support the request made in the report of the Committee on Economic and Monetary Affairs, to wit, that the ECB should take immediate action in order in future to at least take into account fully the special relationship with the European Parliament established by the Treaty on European Union.
This brings me to my second comment. It is not acceptable that the European Central Bank should give no details of the background and reasons for its decisions on monetary policy. Indeed, this Parliament is the forum where the ECB must present its monetary decisions, justify them and, if necessary, let them be criticised. If this does not take place, then Parliament cannot fulfil its own task of supervising the activity of the Bank. Monetary policy is, as is known, a highly political matter, and it is precisely for that reason that the Bank must demand a high degree of transparency with regard to decision-making.
Thirdly, what for me is a central question, there is clear dissent in this House, President Duisenberg, as to the views you have just expressed. I am of the opinion that the European Central Bank must make a contribution to economic growth and employment by means of its monetary policy. It is not right for full employment to be
abandoned as a political objective and for everything, literally everything, to be subordinated to monetary stability. I still consider this to be the crucial foundation for establishing…"@en1
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