Procedure completed
Role | Committee | Rapporteur | Shadows |
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Lead | ECON | RANDZIO-PLATH Christa (PSE) | |
Opinion | INST | HERMAN Fernand H.J. (PPE) |
Legal Basis RoP 052
Activites
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1998/05/04
Final act published in Official Journal
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1998/04/02
Decision by Parliament, 1st reading/single reading
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T4-0212/1998
summary
In adopting the report by Mrs Christa RANDZIO-PLATH (PSE, D) by 200 votes to 23 with 12 abstentions Parliament stressed that the independence of the future European Central Bank (ECB) would go further than that of any other central bank. This unprecedentedly high degree of independence should involve a correspondingly high level of democratic accountability, as real independence required legitimacy in order to be credible. Given that the future ECB would conduct a single monetary policy for all Member States taking part in EMU, democratic accountability must similarly be exercised at European level. As the only directly elected institution at this level, the European Parliament was a particularly appropriate institution to hold the ECB to account. The organization of a dialogue between the European Parliament and the ECB must therefore be confirmed through a mutual agreement. The ECB should clearly announce its definition of price stability and report annually on its price stability target. The ECB President was also invited to take part in the general debate on monetary and economic development on the basis of the annual report of the ECB and the annual economic report produced by the Commission. The ECB was invited to include in its annual report: - a description and evaluation of recent inflation trends, its inflation forecasts and the forecasts of real GDP growth upon which its target was based; - information concerning the use of intermediate monetary targets; - a description of how monetary policy could support the general economic policies in the Community. Parliament called for the minutes of the ECB Governing Council meetings to be published in the form of summaries including the decisions taken and the reasoning behind them. It also called for the adoption of rules for the coordination of economic policy in Europe, possibly in the form of an interinstitutional agreement between the European Parliament, the Commission and the Council, including the procedure of the annual economic report, the broad economic guidelines and the excessive debt procedure. As regards the composition of the executive board, Parliament called on the governments not to appoint candidates that did not have its approval. �
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T4-0212/1998
summary
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1998/04/01
Debate in Parliament
- 1998/03/18 Vote in committee, 1st reading/single reading
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1997/10/24
Committee referral announced in Parliament, 1st reading/single reading
Documents
- Committee report tabled for plenary, single reading: A4-0110/1998
- Decision by Parliament, 1st reading/single reading: T4-0212/1998
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