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03/18/2014

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2) in Article15, the following paragraph is inserted:
1a. The financial framework for the implementation of this Regulation for the period from 2005 to2006 is hereby set at EUR 141 million.
3) in Article20, the second paragraph is replaced by the following:
It shall apply until 31 December 2006.
Article2This Regulation shall enter into force on the twentieth day following that of its publication in the OfficialJournal of the European Union.This Regulation shall be binding in its entirety and directly applicable in all Member States.Done at
, on
For the European Parliament
The President
For the Council
The President
P6_TA(2004)0037
ECB 2003 annual report
European Parliament resolution on the 2003 Annual Report of the European Central Bank (2004/2144(INI))
The European Parliament
,
having regard to the 2003 Annual Report of the European Central Bank,
having regard to Article113 of the EC Treaty,
having regard to Article15 of the Statute of the European System of Central Banks and of the EuropeanCentral Bank,
having regard to its resolution of 2 April 1998 on democratic accountability in the third phase of EMU(
1
),
having regard to its resolution of 3 July 2003 on the 2002 Annual Report of the European CentralBank(
2
),
having regard to its resolution of 26 February 2004 on the situation of the European economy, reporton the broad guidelines for economic policy(
3
),
having regard to its resolution of 22 April 2004 on the Commission recommendation on the 2004update of the Broad Guidelines of the Economic Policies of the Member States and the Community (for the 2003-2005 period)(
4
),
having regard to the report by the Court of Auditors of 14 and 15 January 2004 on the audit of theoperational efficiency of the management of the European Central Bank for the financial year 2002(
5
),
(
1
) OJ C 138, 4.5.1998, p. 177.(
2
) OJ C 74 E, 24.3.2004, p. 867.(
3
) Texts Adopted, P5_TA(2004)0116.(
4
) Texts Adopted, P5_TA(2004)0378.(
5
) OJ C 45, 20.2.2004, p. 27.
C174E/48 EN 14.7.2005Official Journal of the European Union
Tuesday 26 October 2004
 
having regard to the decisions of the European Central Bank of 19 February 2004(
1
) and of 17 June2004(
2
) adopting the Rules of Procedure of the European Central Bank and of the General Council of the European Central Bank respectively,
having regard to the Commission's 2004 Spring economic forecasts,
having regard to Rules 106 and 112(1) of its Rules of Procedure,
having regard to the report of the Committee on Economic and Monetary Affairs (A6-0014/2004),A. acknowledging the full independence of the European Central Bank (ECB) and the European System of Central Banks (ESCB),B. whereas the main objective of the ECB and of the ESCB is to maintain price stability, and otherwise tosupport the general economic policies of the European Community, as defined by Article2 of theTreaty,C. whereas 2003 saw a strong rebound of the international economy mainly driven by the United Statesof America and Asia (world GDP growth: 3,7%),D. whereas in 2003: the EU's GDP only grew 0,8% and the euro area's 0,4%; inflation in the euro areareached historically low levels (2,1% from 2,3% in 2002); excess liquidity accumulated with stronggrowth
at 7,1%
of the monetary aggregate M3, the ECB's target being 4,5%; the deteriorationin budget deficits continued, with an average deficit of 2,7% of euro area GDP (2,3% in 2002); creditto the private sector increased significantly and unemployment remained stable,E. whereas the ECB announced on 8 May 2003 that the rate of inflation (HICP) should be kept
below, butclose to 2% over the medium term
,F. whereas Article10 of the Statute of the ESCB and of the ECB clarifies voting procedures,G. whereas Article10.4 of that Statute provides that the proceedings of the meetings are to be confidentialbut that the Governing Council may decide to make the outcome of its deliberations public,H. whereas as of 1 May 2004: the EU's enlargement poses important challenges for EMU, the ECB and theESCB; the National Central Banks of the new Member States signed the Exchange Rate Mechanism(ERM) II Central Bank Agreement,I. whereas the Estonian kroon, Lithuanian litas and Slovenian tolar joined ERM II on 28 June 2004,J. whereas a debate has started in certain Member States as regards the usefulness of small-value eurocoins, and the fear that the abandonment thereof might result in upward inflationary pressures due toabusive rounding-up practices,1. Welcomes the ECB 2003 annual report under the responsibility of President Trichet;2. Believes that, five years after its implementation, EMU can be pronounced a great success, thanks to agreat extent to the ECB and its precursor, the European Monetary Institute;3. Expresses its satisfaction that the ECB has fully recognised (2003 Annual Report, Chapter 5) itsresponsibility vis-à-vis the public and the European Parliament with regards to the different objectivesgiven to it by the Treaties;4. Welcomes the historically low interest rate levels in the euro area; believes the ECB reacted correctly toeconomic and financial developments in 2003; stresses that it should continue to be vigilant as to the speedwith which markets respond to and discount its decisions;
(
1
) OJ L 80, 18.3.2004, p. 33.(
2
) OJ L 230, 30.6.2004, p. 61.
14.7.2005 EN C174E/49Official Journal of the European Union
Tuesday 26 October 2004
 
5. Notes that the successive reductions of interest rates have not always been passed on to clients by banks, or if they have, it has been done with a considerable time lag;6. Considers moreover that the relative weakness of economic activity in the euro area in 2003 is not aresult of a lack of confidence in the currency's stability but rather a lack of structural reforms as well as low working times when compared to other parts of the world;7. Welcomes the ECB's choice of an inflation rate
below, but close to 2%
, adopted on 8 May 2003, as asignal of the ECB's policy to guarantee monetary stability without accepting deflationary pressures;8. Considers that, through the monetary policy followed during 2003, the ECB supported the objectiveof full employment set out at the Lisbon European Council of 23 and 24 March 2000; agrees with the ECBthat the pace of structural reform needs to be quicker in order to achieve the levels of growth that will makeit possible to meet the Lisbon objectives;9. Recognises that the ECB's prime objective is to guarantee price stability since through price stability the ECB can contribute to achieving the objective of full employment as defined in the Lisbon strategy;10. Accepts that the reference value for monetary growth will not be reviewed on an annual basis, so asto underline the longer-term nature of this reference value; finds however that this should not be seen aseliminating the relative importance of the monetary aggregate M3;11. Considers that the ECB's accountability obligation implies a higher degree of transparency in decision-making, which calls for publication of minutes and voting patterns of Governing Council meetings; urgesthe Governing Council to take its decisions by vote as is understood in Article10 of the Statute as this may on occasions speed up the ECB's response to economic developments;12. Repeats the call for an annual publication not only of a country-by-country but also of a regionaland cross-border review of trends similar to the US Federal Reserve's
Beige Book
, which would give theECB the chance to influence discussion of productivity trends and price and wage expectations;13. Lauds the ESCB's policy of concentrating on maintaining price stability, rather than engaging inpolicies, as suggested by some economists, which may or may not result in short-term falls in unemploy-ment, but which are known to increase both inflation and unemployment in the medium and long term;14. Believes that the monetary dialogue between the European Parliament and the ECB has been a suc-cess; highlights that these exchanges make monetary policy more transparent and accessible to the public;calls on the ECB to expand this dialogue with the Parliament and to continue its public relations work tostrengthen citizens' identification with the euro;15. Recalls its wish for closer involvement in the nomination and appointment of ECB Executive Boardmembers;16. Welcomes the entry of the Estonian, Lithuanian and Slovenian currencies into ERM II and supportsthe introduction of the euro by all the old and new Member States; stresses that both successful partici-pation in ERM II and compliance with the convergence criteria are required; considers that all new Member States should receive equal treatment with regard to the introduction of the euro and the meeting of theconvergence criteria;17. Congratulates once again the ECB for a successful introduction of euro banknotes and coins butregrets some associated inflationary effects, especially in the service sector; calls for an investigation intoany malpractices, and also for consideration of ways to prevent similar problems for future euro-zonemembers;18. Commends the ECB for the new format of its 2003 Annual Report and the changes to its website;C174E/50 EN 14.7.2005Official Journal of the European Union
Tuesday 26 October 2004

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