Once again, our efforts are paying off! After several months of engagement with parliamentarians, two weeks ago the European Parliament voted in favor of several of our proposals, such as:
- More transparency on quantitative easing
- Transparency on the huge ECB profits made on the back of Greece
- Reducing the ECB’s role in the « Troika »
- Better process for appointing board members of the ECB
- Incorporating sustainability criteria into the ECB policies
We are very pleased that our recommendations have been taken on board. This shows that we are playing a constructive and meaningful role in holding the ECB to account.
But nothing guarantees the ECB will implement those proposals apart from our own efforts in pushing them to do so. We will continue to keep a close eye on the ECB and work with MEPs and other organisations to make sure the ECB does take meaningful action on transparency and sustainability. You can read a recent article on how we are making the ECB more accountable here:
In other news:
ECB reshuffle: The EU can do better than gentlemen’s agreements behind closed doors
As the Eurogroup is set to appoint the next ECB’s chief economist, we explain why the appointment procedure is not transparent, open, and democratic enough to compensate for the high degree of power that the position holds. Read more here.
ECB missed he opportunity to revise QE reinvestments
Quantitative easing is still alive and will stay around for a long time! It appears the ECB will keep injecting more than 190 billion euros next year through its “reinvestment policy”. We’ll keep fighting to ensure those gigantic financial flows are targeted to the real economy. Read more here.
ECB’s capital key: small buzz, great symbolism
The debate over the ECB’s capital keys unveil an old obsession on whether central banks care about their capital base. Read more here.