ECB must answer to lawmakers says Hayes
Published 21/05/2016 | 02:30
http://www.independent.ie/business/irish/ecb-must-answer-to-lawmakers-says-hayes-34734115.html
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The European Central Bank (ECB) is not accountable in a meaningful way
to elected representatives at European or national level, but that can
change within the existing European treaties, Fine Gael MEP Brian Hayes
has claimed.
Officials in Frankfurt pick and choose which national parliaments
they answer to, and the ECB's claim that it is accountable to the
European Parliament is not borne out in practice, he said.
"The ECB is not accountable in any serious way. We know all too well
in Ireland that the ECB did not provide a proper account of their
actions during Ireland's banking crisis, despite a number of attempts to
get Mario Draghi or other current members of ECB staff to appear before
the banking inquiry.
"The ECB claims that it is accountable only to the European Parliament. Yet, when it sees fit, it has appeared before national parliaments such as the Bundestag in Germany and the Spanish Parliament," he said.
"The ECB claims that it is accountable only to the European Parliament. Yet, when it sees fit, it has appeared before national parliaments such as the Bundestag in Germany and the Spanish Parliament," he said.
The huge increase in the powers of the ECB since it was founded means
legislation is needed for a process in Europe, similar to the powers
given to the Comptroller General in the US to "audit the Fed", he said.
New laws need to be introduced so that an independent body can undertake an audit of ECB accountability and transparency, Brian Hayes said.
New laws need to be introduced so that an independent body can undertake an audit of ECB accountability and transparency, Brian Hayes said.
Irish Independent
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