referred to in paragraph 1 is based on shortcomings in
the European specifications, the Commission shall,after consulting the parties concerned, initiate the
procedure referred to in Article 2(7) if the Member
State which has taken the decision intends to main-tain it;
Bdash the measures relating to a safety component are
unjustified, it shall immediately so inform the manu-facturer or his authorised representative establishedin the Community and the Member State which tookthe measures,
Bdash the measures relating to a subsystem are unjustified,
it shall immediately so inform the manufacturer orhis authorised representative established in theCommunity or, in their absence, any natural or legalperson having placed the subsystem in question onthe market, and the Member State which took the
measures.
3. Where a safety component bearing the CE confor-
mity marking is found not to comply, the competentMember State shall take appropriate action against whom-soever affixed that marking and drew up the EC declara-tion of conformity and shall so inform the Commissionand the other Member States.
4. Where a subsystem with an EC declaration of confor-
mity is found not to comply, the competent Member Stateshall take appropriate action against whomsoever drew upthe EC declaration of conformity and shall so inform theCommission and the other Member States.
5. The Commission shall ensure that the Member States
are kept informed of the outcome of the procedure.
(Articles 8 and 12 are deleted /dash see Amendments 7 and 8)
(Amendment12)
Article 22(4)
4. TheCommissionshallreporttotheEuropeanParliament
andtheCouncilontheimplementationofthisDirective,andinparticular Article18thereof,notlaterthan…and,ifnecess-
ary,submitanyproposalforappropriateamendments.4. TheCommissionshallreporttotheEuropeanParliament
andtheCouncilontheimplementationofthisDirective,andinparticularon Articles 1(6) and 18thereof,notlaterthan…
and,ifnecessary,submitanyproposalforappropriateamend-ments.
14. ECB annual report
A5-0035/1999
European Parliament resolution on the annual report for 1998 of the European Central Bank
(C4-0211/1999)
The European Parliament,
6dash havingregardtotheannualreportfor1998oftheEuropeanCentralBank(C4-0211/1999),
6dash havingregardtoArticle113oftheTreatyestablishingtheEuropeanUnion,
6dash havingregardtoArticle15oftheStatuteoftheEuropeanSystemofCentralBanksandoftheEuro-
peanCentralBank,C154/60 EN5.6.2000 OfficialJournaloftheEuropeanCommunities
Wednesday 27 October 1999
COMMONPOSITION
OFTHECOUNCILAMENDMENTS
BYPARLIAMENT
6dash havingregardtoRule40ofitsRulesofProcedure,
6dash havingregardtoitsresolutionof2April1998(1)ondemocraticaccountabilityinthethirdstageof
EMU,
6dash havingregardtoitsresolutionof3December1998(2)onaproposalfromtheCommissionfora
CouncilDecisionontherepresentationandpositiontakingoftheCommunityatinternationallevelinthecontextofeconomicandmonetaryunion,
6dash havingregardtothereportoftheCommitteeonEconomicandMonetaryAffairs(A5-0035/1999),
A. whereasthetransitiontoStageThreeofmonetaryunionhasbeenasuccess,
B. whereas,inviewofitsindependence,theECBmustbefullyaccountableforitsactions;whereasitis
ofthefirstimportancetotheECBthatitshouldbecredibleintheeyesoffinancialmarketsandof
othereconomicandsocialsectors,andwhereasahighdegreeoftransparencyofdecision-makingon
monetarypolicyisthebestwayofbolsteringthiscredibility,
C. whereastheECBhasdefinedpricestabilityasariseintheharmonisedconsumerpriceindexforthe
euroareaoflessthan2%inrelationtothepreviousyear,overthemediumterm,
D. whereastheECB’smonetarystrategyisbasedontwopillars:firstly,areferencevalueforthegrowthof
abroadmonetaryaggregate,andsecondly,acomprehensiveassessmentoffuturepricetrendsandtherisksforpricestabilityintheeuroarea,
E. whereassince1January1999theERMIIhasbeeninforceandDenmarkandGreecehavejoinedthis
system,
F. whereaspursuanttoArticle105oftheECTreaty,theobjectiveoftheESCBistomaintainprice
stabilityand,providedthatthisisattained,tosupportgeneraleconomicpoliciesintheCommunity,
G. whereas theEuropean Parliament,throughitsEconomicandMonetaryAffairscommittee,offersa
regular forumthroughwhichmembersofthefinancecommitteesofthenationalparliamentscanraisemattersofmonetaryconcern;
1. CongratulatestheECBonthesuccessfulestablishmentoftheECBinFrankfurt,thecarefulprepara-
toryworkfortheunprecedentedprojectofEuropeanmonetaryunionandthesuccessfultransitiontothethirdstageofEMU;
2. StressesthehighqualityofthefirstannualreportoftheECBandofthemonthlyreportssubmitted
since1January1999;
3. SupportsthedevelopmentoftheECBintoamonetaryauthorityofEuropeandimensionswithsimi-
larinternationalstandingtothatoftheUnitedStatesFederalReserveBoard;
4. WelcomesthefactthattheECBhasacknowledgeditsdutyofdemocraticaccountabilitytowardsthe
EuropeanParliamentandalsointendstostepupcooperationwithParliamentintheyearstocome;
5. Regardsasprogress,intheECB’sinformationpolicy,thatpressconferencesareregularlyheldafter
meetingsoftheECBGoverningCouncilatwhichargumentsinfavourofthemonetarydecisionstakenare
publishedandthat,inadditiontotheannualreportandthePresident’squarterlytestimonytoParliament,monthlyreportsarebeingpublished;
6. CallsonthePresidentoftheECBtomakehimselfavailable,asamatterofurgency,forahearing,
attheinvitationoftheEconomicandMonetaryAffairsCommittee,followingeachsignificantmonetaryaction;
(1) OJC138,4.5.1998,p.177.
(2) OJC398,21.12.1998,p.61.5.6.2000EN C154/61 OfficialJournaloftheEuropeanCommunities
Wednesday 27 October 1999
7. RegretsthattheECBhasfallenshortofthetransparencypractisedbyotherleadingcentralbanks;
notesthattheUSFederalReserve Board,BankofJapan,BankofEnglandandSwedishRiksbanknowreportbothsidesofargumentsaboutmonetaryactions;andcallsforsummaryminutestakenatmeetingsoftheECBGoverningCounciltobepublishedshortlyafterthefollowingmeetingreportingexplicitlytheargumentsforandagainstthedecisionstaken,aswellasthereasoningusedinreachingthesedecisions;
8. CallsontheECBtopublishmacro-economicforecastsonasix-monthlybasiswhichsetoutthe
prospects,andtherisksattachedtothoseprospects,for:domesticdemandanditsprincipalcomponents,
netexports,nominalandrealgrossdomesticproduct,consumerpriceinflation,unemploymentandthecurrentaccountbalance,togetherwithsuchrelevantdataandresearchonwhichsuchforecastsarebased,inordertopermitareliableassessmentofmonetarydecisions,avoidmarketmisinformation,ensuremar-kettransparencyandhencecounterspeculation;
9. CallsontheECBtopublisharegularoverallreportofeconomicdevelopmentsineachoftheparti-
cipatingeuro-areacountriestogetherwithasummaryofthenationaldatawhichwillfacilitatecompari-sons of best practice, enable early warnings of potential problems within the euro-area which mightrequirepolicyactionbyrespectivegovernments,andinformnationalwagebargainersofsustainableearn-ingsdevelopmentsgiventheirownproductivity,priceandcompetitivenesstrends;
10. CallsontheECBtomakegreatereffortstoexplainitsviewoftheprincipalrelationshipswithinthe
euro-areaeconomy,andwiththisobjectiveinmindtomakepubliclyavailableonanannualbasissucheconometricmodelsoftheeuro-areaeconomyandtheglobaleconomyasitmaintainstoenableexternaluserstoconductsimulationsandunderstandtheECB’sthinkingandresearchagendamoreprofoundly;
11. Recognisestheconsiderabledegreeofuncertaintyattachedtoforecastingincircumstanceswhere
euro-area data has onlyrecently been collected, and where the creation ofthe euro entails importantchangesinthestructureandbehaviourofthefinancialsystemintheeuroarea,andurgestheECBtomakeclearthedifficultiesinvolvedinitstasksatthisstageofitsdevelopmentasawayofbuttressingitscredibilityandenhancingrespectforitsabilitytooperateunderunusualuncertainty;inthiscontext,urgestheECBtoexplaintheweightandimportanceofindicatorsotherthanitstwopillarsofmonetaryrefer-encevaluesandinflationforecasts;
12. Regardsthereductionof50basispointsininterestrateson8April1999asappropriate, and
welcomesinparticularthereasonsgivenforit,whichrecognisethattheESCBisrequired,pursuanttoArticle105oftheECTreaty,tosupportthegeneraleconomicpoliciesintheCommunitywithoutpreju-
dicetotheobjectiveofpricestability;
13. Considersitnecessary,intheinterestoftransparencyandcredibility,fortheESCBtomakeclear
howmonetarypolicyisintended,aslongastheobjectiveofpricestabilityismaintained,tocontributetoabalancedandappropriatepolicymix,withaviewtopromotingsustainablegrowthandemployment;
14. WelcomestheinitiativesannouncedbytheECBon13September1999withtheaimofcontribut-
ingtoabettersystemofcross-bordertransferswithintheeuroarea,andcallsontheECBtopromotetheconstruction of European payments systems featuring competition between different systems and thedevelopmentofaseparatesystemforthetransferofsmallamounts;furthercallsontheECBtopublishregularprogressreportsintheinterestofcheckingactualprogressinrenderingsuchtransferscheaper,quickerandmoresecure;
15. NotesthattheESCB’sarrangementsfortheemergencyprovisionofliquiditytofinancialinstitutions
indistresshavebeencalledintoquestionbytheInternationalMonetaryFundandbyprivatesectorobser-vers,andurgestheESCBtomakeclearthatthenecessaryproceduresforapprovalanddisbursementof
such‘lenderoflastresort’facilitiesareinplaceandhavebeenrehearsed;andinthiscontext,callsonthe
ECBtoreport,morefullythanithashithertodoneinitsannualreport,onco-operationwiththenationalcentralbanks;
16. UrgestheECBtomakecleartomembergovernmentstheimportancewhichitattachestoitsobli-
gationsnottoprovide monetaryfinancing ofpublic institutions(including nationaltreasuries) directlyC154/62 EN5.6.2000 OfficialJournaloftheEuropeanCommunities
Wednesday 27 October 1999
throughtheextensionofoverdraftfacilitiesorthepurchaseintheprimarymarketofsecurities,andto
makeitclearthatthe‘nobail-out’principlealsoappliestotheacquisitionofStatefundsonthesecondarymarket,andinthiscontexttohighlightthepotentialdangers,eithertothecreditworthinessofMemberStatesortothecredibilityoftheECB,ofexcessivereliancebysomegovernmentsonshort-termfundingatmaturitiesoflessthanoneyear;
17. ConsidersitnecessaryandappropriatethattheECBberepresentedatinternationallevel,forexam-
pleintheBankforInternationalSettlements,theInternationalMonetaryFundandtheG7,butcallsfortheCommissiontobeappropriatelyinvolvedindecisionsandatinstitutionallevelintheInternationalMon-etaryFundinparticular;callsontheECBtorecognisefullyitsroleininternationalcooperation;
18. RegretsthatsomemembersoftheCouncilhavebeenreportedassuggestingalimitontheECB’s
discretiontopursuepricestabilitybyraisingthepossibilityofeither‘generalorientations’forexchangeratepolicyorevenadherencetoaformalexchangeratesystem;pointsoutthatthejustificationforanysuchguidelinesisdiminishedbythesmallpartoftheeuro-area’sgdpwhichisnowexposedtoexchangeratefluctuations;andnotesthatanysuchCouncildecisioncouldonlybeonthebasisofarecommenda-tionfromeithertheECBitselfortheCommissionandthatitwouldrequireunanimity;inthiscontext,hopesthatCouncilmemberswillbemorecircumspectintheirfuturecomments;
19. InstructsitsPresidenttoforwardthisresolutiontotheEuropeanCentralBank,theCommissionand
theCouncil.
15. Outcome of the European Council on 15/16 October in Tampere
B5-0187, 0188, 0190 and 0193/1999
European Parliament resolution on the European Council meeting in Tampere
The European Parliament,
6dash havingregardtotheprovisionsoftheTreatyofAmsterdam,andtothedetailedViennaActionPlan
forthecreationofanareaoffreedom,securityandjustice,
6dash havingregardalsototheprovisionsoftheTreatyofAmsterdamontheresponsibilitiesoftheEU
institutionsconcerningthesafeguardingoffundamentalrightsandcombatingallformsofdiscrimina-
tion,racismandxenophobia,
6dash havingregardtoitspreviousresolutionsonthissubjectandparticularlythepreparatoryresolutionto
theTamperesummit,adoptedon16September1999(1),tothepositionoftheCommissioncontained
inPresidentProdi’sletterof23September1999tothePrimeMinisterofFinlandandtothespeechdeliveredtotheEuropeanCouncilbythePresidentoftheEuropeanParliament,
6dash havingregardtotheconclusionsoftheEuropeanCouncilspecialmeetingon15/16October1999in
Tampereonthecreationofanareaoffreedom,securityandjusticeintheEuropeanUnion,
Constitutional and democratic features
1. Notes the significance of the Heads of State and Government holding their first special summit
devotedtotheimportantissueswhichareatthecoreofaUnion‘foundedontheprinciplesofliberty,democracy,respectforhumanrightsandfundamentalfreedomsandtheruleoflaw’;
2. Regretsthat,despitetheEuropeanCouncil’sassertionthatdemocraticinstitutionsareafoundation
stoneofEuropeanintegration,thePresidencyConclusionscontainnoreferencetothecontentofthePre-sidentofParliament’saddressnortothespecificrecommendationsaddressedbyParliamenttotheEuro-peanCouncil;stressesinparticulartheneedforanincreaseindemocraticcontrol;
(1) Minutesofthatsitting,PartII,Item10(b).5.6.2000EN C154/63 OfficialJournaloftheEuropeanCommunities
Wednesday 27 October 1999