Local view for "http://purl.org/linkedpolitics/eu/plenary/2003-03-11-Speech-2-148"
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"en.20030311.7.2-148"2
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"Mr President, the European Liberal Democrats also reject the European Central Bank's proposal for a change in the way it takes decisions once the 10 candidate countries join the eurozone. The ECB proposal would create a third class of Member State with fewer chances of voting and, outrageously, only candidate countries would be in this inferior grouping.
Tiny Luxembourg gets a special lift into the second group thanks to its financial markets, even though it has had a central bank for substantially fewer years than many of the candidate countries, including Poland and Hungary. This is a proposal designed to protect the vested interests of the eurozone's existing central bankers. They are just trying to pull the ladder up behind them.
We support instead an Executive Board of nine members, as Mr Friedrich has mentioned, taking operational decisions, plus a wider Governing Council that would involve all Member States' central bank governors in strategic decisions, such as the definition of price stability, and the emphasis on other objectives, such as monetary reference values.
As regards the proposal of the PPE-DE and PSE Groups that the Governing Council should decide by a double majority system, giving more weight to the members from the big Member States, we beg to differ. We support the principle of one member one vote when it comes to decision-taking, and a double majority system implies that a Governing Council member from a big Member State is representing that Member State, rather than voting for the eurozone as a whole. This would be retrogressive and would undermine the collegiate outlook of the Governing Council. However, there should be some checks and balances on the Executive Board, which is why we propose that the Governing Council should be able to overturn decisions of the Executive Board by a two-thirds majority. The Convention should look at this issue so that it can be discussed as openly as possible and with full consultation of all the interested parties."@en1
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