The plenary session of the European Parliament formalised, on Thursday 1 June, certain practices governing interaction between the independent European Central Bank (ECB) and the European Parliament. These practices, which were previously informal, have been gradually implemented to improve the ECB’s transparency and accountability in the area of central banking activities.
The report by Salvatore De Meo (EPP, Italian) on the agreement, in the form of an exchange of letters between the two institutions, was adopted with 614 votes in favour, 15 against and 5 abstentions. The report was adopted unanimously by 22 votes in the Committee on Constitutional Affairs (AFCO) on 26 April 2023.
In essence, the report formalises practices such as the holding of monetary dialogues: public hearings before the European Parliament’s Committee on Economic and Monetary Affairs (ECON), the transmission under embargo of the ECB’s annual report to Parliament, or the organisation of a specific ECON meeting including a keynote speech by the ECB Vice-President and the annual publication of a Parliament resolution on the ECB’s activities.
These practices also include opportunities for MEPs to submit questions to the President of the ECB with a request for a written reply, to examine the ECB’s opinions on proposals for EU acts, or to make an informal annual visit to the ECB as part of a delegation.
Before the vote, Salvatore De Meo stressed: “This will enable the ECB to fulfil its accountability and transparency obligations under the Treaties. In this context, the European Parliament acts as a bridge between the ECB and the public, exercising democratic and transparent control and at the same time providing the ECB with the opportunity to explain its policies to the public”.
The next monetary dialogue will be held at the European Parliament on Monday 5 June.
Link to the report: https://aeur.eu/f/772 (Original version in French by Emilie Vanderhulst)