Thursday

28th Mar 2024

European Central Bank to propose new rules

After the Irish adoption of the Nice Treaty the European Central Bank, ECB is ready to propose reforms of the rules governing the running the bank. A spokesperson from the ECB confirmed to the Süddeutsche Zeitung that proposals for a new decision-making system inside the bank could be presented within weeks. With the Nice Treaty in force, a qualified majority in the EU Council can adopt changes in the statutes of the Bank.

The ECB is set to continue with the basic principle of one vote per national bank, reports Süddeutsche Zeitung. However, the president of ECB, Wim Duisenberg, favours a rotation principle introduced to lead the bank, some would like the larger countries to have a permanent seat in the leading executive board of the bank while others push for a system with voting rights related to the size of the countries.

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The ECB's leading body, the governing council, is composed of the executive board of the Bank (the president, the vice president and four members) and the governors of the national central banks. A simple majority, with a few exceptions, takes decisions. This system is unlikely to work efficiently with 10 new member states around the negotiation table.

'Swiftly dial back' interest rates, ECB told

Italian central banker Piero Cipollone in his first monetary policy speech since joining the ECB's board in November, said that the bank should be ready to "swiftly dial back our restrictive monetary policy stance."

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