Parliament seeks bigger say over ECB board

By Stewart Fleming

Date: 01/06/06

MEPs on the European Parliament's economic and monetary affairs committee, including its chairwoman Pervenche Beres, called for the assembly to be given a bigger say in the selection of members of the executive board of the European Central Bank (ECB).

This follows the appointment of Jürgen Stark, the vice-president of the Bundesbank, Germany's central bank, on the retirement yesterday (30 May) of Otmar Issing, another German and former top Bundesbank official.

Although Stark is well qualified, the MEPs said the move has created the impression that there are reserved seats on the ECB's executive board for representatives from Germany, France, Italy and Spain, contrary to ECB provisions in the EU Treaty.

Article reports that MEPs on the European Parliament's Economic and Monetary Affairs Committee, including its Chairwoman Pervenche Beres, called for Parliament to be given a bigger say in the selection of members of the executive board of the European Central Bank (ECB).
This came after the appointment of Jürgen Stark, the Vice-President of the Bundesbank, Germany's central bank, to the board, on 30 May 2006.