By initiative of the German members of the ECR group, MEPs debated the highly accommodative monetary policy (very low interest rates and 'quantitative easing' operation for the mass buyback of public securities) pursued by the European Central Bank, at the plenary session of the European Parliament on Wednesday 17 May.
Joachim Starbatty (ECR, Germany), believes the President of the ECB, Mario Draghi, has no mandate to pursue such a policy, which is diluting the savings and pensions of German citizens. He called on Parliament to send out a strong political message.
His calls were heard by other MEPs from the EFDD group, such as Germany's Beatrix von Storch, and from the ENF group, such as Italy's Marco Zanni. Von Storch even suggested that the ECB was acting like an actual “criminal organisation”.
However, the main pro-European political forces of the Parliament rejected this criticism. Brian Hayes (EPP, Ireland) praised the actions of the monetary institute, which have ushered in a return to growth and allowed inflation to rise to a level more in line with the principal mission of the ECB. Roberto Gualtieri (S&D, Italy), described the quantitative easing operation as a “success” and argued that without it, the Eurozone would have gone into deflation. The accommodative monetary policy must be accompanied by reforms in the member states, he stressed.
Criticising the ECB's participation in the 'troika' of institutions representing the creditors of Eurozone countries under financial support, Fabio De Masi (GUE/NGL) said that there was a conflict of interests in the ECB's capacity to lend to banks whilst acting as supervisor in the framework of banking union in the Eurozone. On behalf of the Greens/EFA, Sven Giegold of Germany criticised the scapegoat strategy of the German Conservatives. During the sovereign debt crisis, the ECB had no choice but to intervene to preserve the integrity of the euro and the Court retroactively upheld its decision.
The Council of the EU and the Commission took refuge behind the independence of the ECB enshrined in the treaties. (Original version in French by Mathieu Bion)