Spain joins French calls to rewrite ECB mandate

Spanish Prime Minister Mariano Rajoy said the 8 April 2013 that Europe should look at changing the powers that the European Central Bank has, to align it more with other monetary authorities around the world and support pro-growth policies.

The founding treaty of the ECB gives it a primary mandate of price stability, which the central bank's policymaking Governing Council has taken to mean prices rising by close to, but below, 2% a year.

The treaty also states that the ECB may, if price stability allows, also "support general economic policies". Any change to the ECB's mandate would have to be signed off by all 27 EU member states.

ESO: Background information: Commission sets out next steps towards a deep and genuine Economic and Monetary Union http://www.europeansources.info/record/press-release-commission-sets-out-next-steps-towards-a-deep-and-genuine-economic-and-monetary-union/

---