Activites

• 2003/04/01 Final act published in Official Journal
  • Decision 2003/223
  • OJ L 083 01.04.2003, p. 0066-0068
• #2498
• 2003/03/21 Council Meeting
• 2003/03/21 End of procedure in Parliament
• 2003/03/21 Act adopted by Council after consultation of Parliament
• 2003/03/13 Decision by Parliament, 1st reading/single reading
  • T5-0094/2003 summary

    The European Parliament adopted a resolution drafted by Ingo Friedrich (EPP-ED, Germany) and rejected the ECB Recommendation. Parliament reaffirmed the existing rule whereby all governors of the national central banks in the euro area have full and unrestricted voting rights, and whereby the Governing Council of the ECB takes decisions by a simple majority vote of its members. Parliament wanted the European Convention to make a proposal that would distinguish between operational decisions, to be taken by an enlarged Executive Board of nine Members, adequately representing the euro area economy, and strategic and general monetary policy decisions, to be taken by the Governing Council acting on a double majority, based on the population of the Member States, the total size of the economy and the relative size within it of the financial services sector. The Commission and any interested Member States should submit to the European Convention new proposals which reflect a better balance between equity and efficiency along these lines.�

• 2003/03/11 Debate in Parliament
  • Debate in Parliament
• 2003/03/10 Vote in committee, 1st reading/single reading
  • A5-0063/2003
• #2493
• 2003/03/07 Council Meeting
  • 2493 summary

    The Council took note of a legislative text on a Recommendation on the voting modalities of the ECB's Governing Council and noted reservations by Finland and the Netherlands. The Council also approved a draft statement to be entered in the minutes of the Council at the adoption of the Decision, as follows: - The Council confirms that the model established in its Decision on voting modalities in the Governing Council of the European Central Bank should not be seen as a precedent for the future composition and decision-making process of other Community Institutions. The aim of the Recommendation is to maintain the Governing Council's capacity for efficient and timely decision-making in an enlarged euro area. According to the text, the number of governors having voting rights has to be smaller than the overall number of governors in the Governing Council. The Recommendation aims at putting a ceiling on the size of the Governing Council (at 21) by introducing a system of rotation for the voting rights. This system of rotation would be based on a classification of countries into three categories depending on their size, as defined by GDP and banking activity.�

• #2485
• 2003/02/18 Council Meeting
  • 2485 summary

    The Council adopted the conclusions in which it welcomes the presentation by the ECB of a recommendation for an amendment of Article 10.2 of the ESCB and ECB Statute. The Council considers it important to preclude any uncertainty about the continued effectiveness of the governance structures of the ECB in view of a future expansion of the euro area. In view of the timetable, the Council urges the European Parliament and the Commission to provide their opinions as soon as possible. The Council takes note of the ECB recommendation and calls on the Permanent Representatives Committee to undertake an examination of it with a view to presenting a text ready for final consideration at the ECOFIN Council at its meeting of 7 March 2003, for submission to the Council in the composition of Heads of State or Government at its meeting of 21 March 2003 for final decision.�

• 2003/02/13 Committee referral announced in Parliament, 1st reading/single reading
• 2003/02/06 Legislative proposal published
  • 06163/2003
  • DG [{'url': 'http://ec.europa.eu/dgs/economy_finance/index_en.htm', 'title': 'Economic and Financial Affairs'}],

Documents

• Legislative proposal published: 06163/2003
• Debate in Council: 2485
• Debate in Council: 2493
• Committee report tabled for plenary, 1st reading/single reading: A5-0063/2003
• Debate in Parliament: Debate in Parliament
• Decision by Parliament, 1st reading/single reading: T5-0094/2003
• : Decision 2003/223
• : OJ L 083 01.04.2003, p. 0066-0068

History

(these mark the time of scraping, not the official date of the change)