Brussels, 04/04/2002 (Agence Europe) - German Social Democrat Christa Randzio-Plath, President of the European Parliament's Economic and Monetary Committee, spoke to reporters on Wednesday about her concern that the reform of the institutions currently underway would neglect Economic and Monetary Union, although this is part of political union. We need a "European economic Constitution", she said, calling for a stronger role for the European Commission to make it a genuine economic executive body. She explained that it was not a matter of redrafting the Treaty articles on Economic and Monetary Union or of challenging the ECB's authority (even though she did criticise the ECB's over-restrictive definition of inflation), but of giving it an economic "counterweight". The Eurogroup, she said, would find it difficult to play this role because it's a "purely governmental" organisation but what was needed was an institutions with democratic legitimacy that can take decisions with the required level of transparency. She lamented that Eurogroup was not transparent at all and has no obligation to report back to the European Parliament. Ms Randzio-Plath said that a European economic Constitution should also involve European Parliament in codecision over the European Union's economic policy because co-ordination of this policy at European level has to be seen as legitimate by citizens. Overall, the German Social Democrat feels that the model of negative co-ordination selected for the Stability and Growth Pact must be replaced by a positive method, by positive co-ordination initiatives aiming to increase Europeans' well-being.
Ms Randzio-Plath announced that on 23 April, the EP's Economic and Monetary Committee would be holding a hearing on the issue of who is to take over from the outgoing ECB Vice-President Christian Noyer. This issue will be on the agenda of the informal ECOFIN Council in Oviedo on 12/13 April (the odds are on the Greek candidate). On 23 April, Christian Noyer will be presenting the ECB's Annual Report.