European Council: you can audit the Lebanon central bank, not the ECB!
Initial question:
president - To: President of Consilium.europa.eu
Cc: Prof. Savona, CONSOB, Italy
Subject: Note on the text of “Council conclusions on Lebanon”, Re: ECB
Dear President of the Council of the European Union,
I wrote to you as a forensic accountant. In the text of the Council
conclusions on Lebanon approved by the Council on 7 December 2020, we
read at par. 5, sub-par. d.: “…adoption of… a swift and thorough
forensic audit of the Banque du Liban (BDL) ...measures that ensure
concrete changes are made and guarantee transparency and full
accountability to the Lebanese people. “
Here: https://www.consilium.europa
I ask to the Council to adopt the same measure for Europe, i.e. “A swift
and thorough forensic audit of the European Central Bank that ensure
concrete changes are made to guarantee transparency and full
accountability to the European people.”
The point is that - contrary to accepted accounting rules - the ECB
don’t publish the Statement of Cash Flows. As money creation is a way of
financing for the ECB activity – both with digital and paper money –
the financing activities should be reported as inflows in the cash
account of the same bank and thus in the Statement of cash flows. This
will give the bank far more reach in the future because the profits
coming from money creation are currently hidden by wrong accounting
practices. When money is cashed while coming back from the lending
reflux, it seems to disappear from the public bank's balance…
I think it is a good time for the Council to show that the same
recommendation given to foreign countries are followed by the same EU
rulers, else it is like when a doctor ask to a patient to accept the
COVID vaccine while, at the same time, the doctor refuses to take the
vaccine himself.
I am sure you will examine the question with all the due diligence, and, awaiting your answer, I offer my best regards.
Marco Saba
Forensic Accountant
c/o Studio Legale Orlandi
Via Vittorio Alfieri, 28
50121 - FIRENZE - ITALY
______________________________________________
Answer:
Thank you for your email addressed to the General Secretariat of the Council, which assists the Council of the EU and the European Council.
The call for a forensic audit of Lebanon's central bank is motivated by the country's deep crisis and its causes.
The IMF has also pointed to the need for a comprehensive audit of the central bank:
https://www.imf.org/en/News/Ar
It is clear that this is not at all comparable to the situation of the euro area and the ECB. The ECB provides ample information on its activities in a transparent manner and in full independence. It notably publishes an annual report, which includes its balance sheet as well as its profit and loss account. This in turn includes information on the interest income. Similar information is published by the national central banks of the Eurosystem in their annual accounts. ECB/Eurosystem annual accounts are audited by independent auditors.
Please find below some links, which may you may find useful:
https://www.ecb.europa.eu/pres
https://www.ecb.europa.eu/ecb/
Further information on the activities and financial statements of the ECB/Eurosystem should be obtained from the ECB or the national central banks of the Eurosystem.
Best regards,
The Public Information Service
General Secretariat of the Council of the European Union
Tel: +32 (0) 2 281 56 50
E-mail: www.consilium.europa.eu/infopu
Disclaimer: The information provided has been prepared by the Public Information Service of the General Secretariat of the Council of the EU and may not be regarded as constituting an official position of the Council.
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| 11 gen 2021, 15:00 | ||
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