Progress: Procedure completed
Role | Committee | Rapporteur | Shadows |
---|---|---|---|
Lead | ECON | GUALTIERI Roberto ( S&D) |
Lead committee dossier:
Legal Basis:
TFEU 283-p2
Legal Basis:
TFEU 283-p2Events
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.
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.
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
- Final act published in Official Journal: Decision 2019/1740
- Final act published in Official Journal: OJ L 267 21.10.2019, p. 0001
- Results of vote in Parliament: Results of vote in Parliament
- Debate in Parliament: Debate in Parliament
- Decision by Parliament: T9-0008/2019
- Committee report tabled for plenary, 1st reading/single reading: A9-0008/2019
- Committee draft report: PE639.816
- Legislative proposal: N9-0023/2019
- Legislative proposal published: N9-0023/2019
- Legislative proposal: N9-0023/2019
- Committee draft report: PE639.816
Activities
- Mairead McGUINNESS
Plenary Speeches (4)
- 2019/09/17 Appointment of the President of the European Central Bank - Candidate: Ms Christine Lagarde (debate)
- 2019/09/17 Appointment of the President of the European Central Bank - Candidate: Ms Christine Lagarde (debate)
- 2019/09/17 Appointment of the President of the European Central Bank - Candidate: Ms Christine Lagarde (debate)
- 2019/09/17 Appointment of the President of the European Central Bank - Candidate: Ms Christine Lagarde (debate)
- Pedro SILVA PEREIRA
- Gerolf ANNEMANS
Plenary Speeches (1)
- Franc BOGOVIČ
Plenary Speeches (1)
- Peter van DALEN
Plenary Speeches (1)
- Derk Jan EPPINK
Plenary Speeches (1)
- João FERREIRA
Plenary Speeches (1)
- José Manuel GARCÍA-MARGALLO Y MARFIL
Plenary Speeches (1)
- Sven GIEGOLD
Plenary Speeches (1)
- Othmar KARAS
Plenary Speeches (1)
- Georgios KYRTSOS
Plenary Speeches (1)
- Esther DE LANGE
Plenary Speeches (1)
- Dimitrios PAPADIMOULIS
Plenary Speeches (1)
- Piernicola PEDICINI
Plenary Speeches (1)
- Stanislav POLČÁK
Plenary Speeches (1)
- Alfred SANT
Plenary Speeches (1)
- Joachim SCHUSTER
Plenary Speeches (1)
- Ernest URTASUN
Plenary Speeches (1)
- Marco ZANNI
Plenary Speeches (1)
- Pedro MARQUES
Plenary Speeches (1)
- Gunnar BECK
Plenary Speeches (1)
- Luis GARICANO
Plenary Speeches (1)
- José GUSMÃO
Plenary Speeches (1)
- Márton GYÖNGYÖSI
Plenary Speeches (1)
- Dragoş PÎSLARU
Plenary Speeches (1)
- Ivan Vilibor SINČIĆ
Plenary Speeches (1)
- Eugen JURZYCA
Plenary Speeches (1)
- Antonio Maria RINALDI
Plenary Speeches (1)
- Erik BERGKVIST
Plenary Speeches (1)
- Frances FITZGERALD
Plenary Speeches (1)
- Marek BELKA
Plenary Speeches (1)
- Nicola BEER
Plenary Speeches (1)
- Helmut GEUKING
Plenary Speeches (1)
- Stasys JAKELIŪNAS
Plenary Speeches (1)
History
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