In a draft resolution prepared by Johan Van Overtveldt (ECR, Belgian) and already approved by the European Parliament’s Committee on Economic and Monetary Affairs (ECON), MEPs expressed their concern at the high levels of inflation experienced during the years following the Covid-19 pandemic and called on the European Central Bank (ECB) to thoroughly assess the causes in order to prevent future inflationary crises. The text will be put to the vote at the European Parliament plenary session on Tuesday 10 February at midday.
MEPs “welcomed the decline in inflation”, but stressed “the continued risk of a resurgence” and called for any monetary easing to remain “prudent, data-driven and guided by price stability”.
They also underlined the fact that “the statutory independence of the ECB (...) is a prerequisite”.
The text also calls for greater transparency, to “phase out” government bond purchasing programmes, ensuring “sound and sustainable public finances” and intensifying the monitoring of crypto-assets. MEPs also “note” the work on the digital euro, although amendments to the text have been tabled on this point (see EUROPE 13803/23).
Speaking in Strasbourg on Monday evening, ECB President Christine Lagarde welcomed the support of the European Parliament, stressing that “independence does not mean isolation”, particularly in the context of interinstitutional dialogue. Mrs Lagarde noted that “annual inflation stood at 1.7% in January” and should, according to the President, continue to stabilise at around 2%. The President once again called for progress to be made on the work underway on the digital euro.
Read the text: https://aeur.eu/f/knj (Original version in French by Bernard Denuit)