Procedure completed
Role | Committee | Rapporteur | Shadows |
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Lead | ECON | HUHNE Christopher (ELDR) |
Legal Basis RoP 132
Activites
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2000/06/05
Final act published in Official Journal
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1999/10/27
Decision by Parliament, 1st reading/single reading
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T5-0073/1999
summary
In adopting by 463 votes for and 33 against, with 51 abstentions, the report drafted by Mr. Christopher HUHNE (ELDR, UK), the European Parliament welcomed the progress made by the ECB in terms of its information policy. The EP did, however, note its regret that the ECB has fallen short of the transparency practiseed by other leading central banks. It considers that the ECB could provide summary minutes taken at meetings of the ECB Governing Council to be published shortly after the following meeting reporting explicitly the arguments for and against the decisions taken, as well as the reasoning used in reaching these decisions. The report also calls for the President of the ECB to make himself available, as a matter of urgency, for a hearing, at the invitation of the Economic and Monetary Affairs Committee, following each significant monetary action. The Parliament calls on the ECB to: - publish macro-economic forecasts on a 6-monthly basis and a regular overall report of economic developments in each of the participating euro-area countries; - make publicly available on an annual basis the econometric models that it uses. The Parliament also considers that the ESCB should make clear how monetary policy is intended, as long as the objective of price stability is maintained, to contribute to a balanced and appropriate policy mix, with a view to promoting sustainable growth and employment. Lastly, the Parliament considers it necessary and appropriate that the ECB be represented at international level, for example in the Bank for International Settlements, the International Monetary Fund and the G7.�
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T5-0073/1999
summary
- 1999/10/26 Debate in Parliament
- 1999/10/14 Vote in committee, 1st reading/single reading
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1999/07/19
End of procedure in Parliament
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1999/05/03
Committee referral announced in Parliament, 1st reading/single reading
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1999/03/10
Non-legislative basic document published
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N4-0211/1999
summary
OBJECTIVE : presentation of the 1998 annual report of the European Central Bank. CONTENT : this annual report, which is the first to be published by the ECB, outlines the developments which have taken place in the macroeconomic environment, in 1998, for the Member States of the euro zone, as well as the measures taken to finalise the operational framework for monetary union. The report also covers the first weeks of 1999, following the launch of phase III of EMU. The report stresses that the gentle transition to the euro bore testimony to the preparatory work of the EMI and the national central banks. At the beginning of phase III, the Eurosystem was completely operational on both the technical and organisational fronts. The Eurosystem took over responsibility for a single monetary policy in a context of inflation rates compatible with price stability and favourable prospects with respect to the maintenance of stable prices. In this regard, the conditions necessary for sustained economic growth are in place. However, it would appear that the economic expansion of the euro area is experiencing weaknesses and uncertainties coming from outside. In order not to compromise the confidence which has underpinned the the convergence efforts already achieved, priority needs to be given to the abolition of structural obstacles preventing an acceleration in economic activity and an improvement in employment. These structural rigidities particularly affect European labour markets. In addition, the confidence has to be backed up by the achievement, as soon as possible, of budgets that are balanced or in surplus. It will also be necessary to deal with the longer term challenges posed by the ageing of the population. The objective from now on is to consolidate the foundations of the stability of the euro and to create the conditions necessary for the return to production and employment.�
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N4-0211/1999
summary
Documents
- Non-legislative basic document published: N4-0211/1999
- Committee report tabled for plenary, single reading: A5-0035/1999
- Debate in Parliament: Debate in Parliament
- Decision by Parliament, 1st reading/single reading: T5-0073/1999
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