BETA


2019/0810(NLE) Appointment of the President of the European Central Bank - Candidate: Ms Christine LAGARDE

Progress: Procedure completed

RoleCommitteeRapporteurShadows
Lead ECON GUALTIERI Roberto (icon: S&D S&D)
Lead committee dossier:
Legal Basis:
TFEU 283-p2

Events

2019/10/21
   Final act published in Official Journal
Details

PURPOSE: appointment of the President of the European Central Bank.

NON-LEGISLATIVE ACT: Decision (EU) 2019/1740 of the European Council appointing the President of the European Central Bank.

CONTENT: by this Decision, Christine LAGARDE is hereby appointed President of the European Central Bank for a term of office of eight years, as from 1 November 2019.

ENTRY INTO FORCE: 18.10.2019.

2019/10/18
   EP/CSL - Act adopted by Council after consultation of Parliament
2019/10/11
   EP - End of procedure in Parliament
2019/09/17
   EP - Results of vote in Parliament
2019/09/17
   EP - Debate in Parliament
2019/09/17
   EP - Decision by Parliament
Details

The European Parliament delivered a favourable opinion (394 votes to 206, with 49 abstentions) on the Council's recommendation to appoint Christine Lagarde as President of the European Central Bank for an eight-year term of office, with effect from 1 November 2019.

Prior to the vote in plenary, the Committee on Economic and Monetary Affairs evaluated the candidate’s credentials. It then held a two-and-a-half-hour hearing with the candidate on 4 September 2019, during which she made an opening statement and then answered questions from the members of the committee.

Documents
2019/09/09
   EP - Committee report tabled for plenary, 1st reading/single reading
Details

The Committee on Economic and Monetary Affairs adopted a report by Roberto GUALTIERI (S&D, IT) on the Council recommendation on the appointment of the President of the European Central Bank (ECB).

The committee delivered a favourable opinion on the Council recommendation to appoint Christine Lagarde as President of the European Central Bank for a term of office of eight years, with effect from 1 November 2019.

Parliament’s Committee on Economic and Monetary Affairs evaluated the credentials of the candidate, in particular in view of the requirements laid down in Article 283(2) of the Treaty on the Functioning of the European Union and in the light of the need for full independence of the ECB pursuant to Article 130 of that Treaty.

In response to questions from Members, Christine Lagarde said that the ECB should clarify its policy and make it more accessible to citizens. She stressed the need for more dialogue with civil society and not only with financial markets.

Regarding the extremely low rates, Christine Lagarde said that while the ECB’s quantitative easing had indeed led to certain negative effects, its overall results were positive and that she saw such a ‘highly accommodative stance continuing for a long time’.

She also stressed the need to learn lessons from the financial crisis by examining in the future how the ECB can best support the general policies of the European Union, such as sustainable and inclusive growth, without prejudice to its primary objective of maintaining price stability.

In her replies, Christine Lagarde agreed that it was time to review the ECB’s monetary framework to address new challenges such as non-bank lending, fintech, the fight against money maundering, crypto currencies, and climate change.

She stressed that climate change should be a ‘core concern’ for the ECB. The ECB has already acquired several ‘green bonds’ and is expected to continue such acquisitions.

In the long term, she advocated a financing ‘instrument’ for the euro zone, similar to the ‘US Treasury bonds’.

Documents
2019/09/04
   EP - Vote in committee
2019/08/29
   EP - Committee draft report
Documents
2019/07/18
   EP - Committee referral announced in Parliament
2019/07/18
   EP - GUALTIERI Roberto (S&D) appointed as rapporteur in ECON
2019/07/09
   CSL - Legislative proposal
Documents
2019/07/09
   EC - Legislative proposal published
Documents

Documents

Activities

History

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

docs/1/docs/0/url
Old
http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE639.816
New
https://www.europarl.europa.eu/doceo/document/ECON-PR-639816_EN.html
events/1/type
Old
Committee referral announced in Parliament, 1st reading/single reading
New
Committee referral announced in Parliament
events/2/type
Old
Vote in committee, 1st reading/single reading
New
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Old
http://www.europarl.europa.eu/doceo/document/A-9-2019-0008_EN.html
New
https://www.europarl.europa.eu/doceo/document/A-9-2019-0008_EN.html
events/5/docs/0/url
Old
http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20190917&type=CRE
New
https://www.europarl.europa.eu/doceo/document/CRE-9-2019-09-17-TOC_EN.html
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date
2019-09-17T00:00:00
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Decision by Parliament
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EP
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summary
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2019-09-17T00:00:00
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EP
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summary
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date
2019-10-21T00:00:00
type
Final act published in Official Journal
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docs
events/9
date
2019-10-21T00:00:00
type
Final act published in Official Journal
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title
Decision 2019/1740
url
https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32019D1740
procedure/subtype
Old
Consultation of Parliament
New
Appointment
docs/1/docs/0/url
http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE639.816
events/3/docs/0/url
Old
http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A9-2019-0008&language=EN
New
http://www.europarl.europa.eu/doceo/document/A-9-2019-0008_EN.html
events/4
date
2019-09-17T00:00:00
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EP
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date
2019-09-17T00:00:00
type
Decision by Parliament, 1st reading/single reading
body
EP
docs
url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P9-TA-2019-0008 title: T9-0008/2019
summary
events/6
date
2019-09-17T00:00:00
type
Decision by Parliament, 1st reading/single reading
body
EP
docs
url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P9-TA-2019-0008 title: T9-0008/2019
summary
events/6/docs/0/url
Old
http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P9-TA-2019-0008
New
http://www.europarl.europa.eu/doceo/document/TA-9-2019-0008_EN.html
events/8
date
2019-10-21T00:00:00
type
Final act published in Official Journal
procedure/stage_reached
Old
Procedure completed, awaiting publication in Official Journal
New
Procedure completed
events/6
date
2019-10-11T00:00:00
type
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body
EP
events/7
date
2019-10-18T00:00:00
type
Act adopted by Council after consultation of Parliament
body
EP/CSL
procedure/stage_reached
Old
Awaiting final decision
New
Procedure completed, awaiting publication in Official Journal
docs/2
date
2019-09-17T00:00:00
docs
url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P9-TA-2019-0008 title: T9-0008/2019
type
Text adopted by Parliament, 1st reading/single reading
body
EP
events/5/summary
  • The European Parliament delivered a favourable opinion (394 votes to 206, with 49 abstentions) on the Council's recommendation to appoint Christine Lagarde as President of the European Central Bank for an eight-year term of office, with effect from 1 November 2019.
  • Prior to the vote in plenary, the Committee on Economic and Monetary Affairs evaluated the candidate’s credentials. It then held a two-and-a-half-hour hearing with the candidate on 4 September 2019, during which she made an opening statement and then answered questions from the members of the committee.
events/4/docs
  • url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20190917&type=CRE title: Debate in Parliament
docs/2
date
2019-09-17T00:00:00
docs
url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P9-TA-2019-0008 title: T9-0008/2019
type
Text adopted by Parliament, 1st reading/single reading
body
EP
events/4
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2019-09-17T00:00:00
type
Debate in Parliament
body
EP
events/5
date
2019-09-17T00:00:00
type
Decision by Parliament, 1st reading/single reading
body
EP
docs
url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P9-TA-2019-0008 title: T9-0008/2019
forecasts
  • date: 2019-09-17T00:00:00 title: Debate in plenary scheduled
  • date: 2019-09-17T00:00:00 title: Vote in plenary scheduled
procedure/stage_reached
Old
Awaiting Parliament 1st reading / single reading / budget 1st stage
New
Awaiting final decision
docs/2
date
2019-09-09T00:00:00
docs
url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A9-2019-0008&language=EN title: A9-0008/2019
type
Committee report tabled for plenary, 1st reading/single reading
body
EP
events/3/summary
  • The Committee on Economic and Monetary Affairs adopted a report by Roberto GUALTIERI (S&D, IT) on the Council recommendation on the appointment of the President of the European Central Bank (ECB).
  • The committee delivered a favourable opinion on the Council recommendation to appoint Christine Lagarde as President of the European Central Bank for a term of office of eight years, with effect from 1 November 2019.
  • Parliament’s Committee on Economic and Monetary Affairs evaluated the credentials of the candidate, in particular in view of the requirements laid down in Article 283(2) of the Treaty on the Functioning of the European Union and in the light of the need for full independence of the ECB pursuant to Article 130 of that Treaty.
  • In response to questions from Members, Christine Lagarde said that the ECB should clarify its policy and make it more accessible to citizens. She stressed the need for more dialogue with civil society and not only with financial markets.
  • Regarding the extremely low rates, Christine Lagarde said that while the ECB’s quantitative easing had indeed led to certain negative effects, its overall results were positive and that she saw such a ‘highly accommodative stance continuing for a long time’.
  • She also stressed the need to learn lessons from the financial crisis by examining in the future how the ECB can best support the general policies of the European Union, such as sustainable and inclusive growth, without prejudice to its primary objective of maintaining price stability.
  • In her replies, Christine Lagarde agreed that it was time to review the ECB’s monetary framework to address new challenges such as non-bank lending, fintech, the fight against money maundering, crypto currencies, and climate change.
  • She stressed that climate change should be a ‘core concern’ for the ECB. The ECB has already acquired several ‘green bonds’ and is expected to continue such acquisitions.
  • In the long term, she advocated a financing ‘instrument’ for the euro zone, similar to the ‘US Treasury bonds’.
forecasts/0/title
Old
Indicative plenary sitting date, 1st reading/single reading
New
Debate in plenary scheduled
forecasts/1
date
2019-09-17T00:00:00
title
Vote in plenary scheduled
commission
  • body: EC dg: Secretariat-General commissioner: TIMMERMANS Frans
docs/2/docs/0/url
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2019-09-09T00:00:00
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  • title: A9-0008/2019
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2019-09-09T00:00:00
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New
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2019-09-04T00:00:00
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forecasts
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date
2019-08-29T00:00:00
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