WRITTEN QUESTION No. 4047/97 by Antonio TAJANI , Claudio AZZOLINI to the Council. Independence of the Banca d'Italia
Date: 1998-01-15
Institutions: AZZOLINI, European Parliament, TAJANI
Subjects: EU Member State, Economic and Monetary Union, European Central Bank, Italy, administrative autonomy, central bank, interest

C 196/68

EN

Official Journal of the European Communities

22. 6. 98

(98/C 196/92)

WRITTEN QUESTION E-4047/97

by Antonio Tajani (UPE) and Claudio Azzolini (UPE) to the Council

(15 January 1998)

Subject: Independence of the Banca d(cid:146)Italia

The  future  European  Central  Bank  will  be  founded  on  the  notion  of  the  independence  and  autonomy  of  the
existing central banks, in the context of the growing need for guaranteed freedom from political interference.

Is the Council aware of the unacceptable pressure being exerted by the Italian government and the parties of the
ruling coalition, as widely reported in the press, on Mr Antonio Fazio, the Governor of the Banca d(cid:146)Italia, to
reduce the official interest rates?

Has the Italian government at any point consulted the Council on the possibility of replacing Mr Fazio in the near
future by persons from the Banca Centrale who would be closer to the ruling coalition?

Does the Council not view any such initiatives as prejudicial to the independence of the Banca d(cid:146)Italia and as
liable to jeopardize Italy(cid:146)s entry into, and capacity to remain within, the single European currency?

What is the Council(cid:146)s position on the opinion expressed by Mr Fazio to the effect that structural reforms and a
reduction in fiscal pressure are essential for participation in the single currency?

Answer

(30 March 1998)

The Council does not intend to adopt a position on the allegations to which the Honourable Members refer in
their question.

The Council acknowledges that participation in the single currency requires the Member States to undertake
major structural reforms. A number of reforms have already been carried out, and others are under way.

With more specific reference to the Italian situation, the Council would remind the Honourable Members that it
examined Italy(cid:146)s convergence programme for the period 1998-2000 at its meeting on 7 July 1997, and the 1998
Italian budget at its meeting on 19 January 1998. The results of its discussions were made public.

(98/C 196/93)

WRITTEN QUESTION E-4048/97

by Antonio Tajani (UPE) and Claudio Azzolini (UPE) to the Commission

(14 January 1998)

Subject: Independence of the Banca d(cid:146)Italia

The  future  European  Central  Bank  will  be  founded  on  the  notion  of  the  independence  and  autonomy  of  the
existing central banks, in the context of the growing need for guaranteed freedom from political interference.

Is the Commission aware of the unacceptable pressure being exerted by the Italian government and the parties of
the ruling coalition, as widely reported in the press, on Mr Antonio Fazio, the Governor of the Banca d(cid:146)Italia, to
reduce the official interest rates?

Has the Italian government at any point consulted the Council on the possibility of replacing Mr Fazio in the near
future by persons from the Banca Centrale who would be closer to the ruling coalition?

Does the Commission not view any such initiatives as prejudicial to the independence of the Banca d(cid:146)Italia and as
liable to jeopardize Italy(cid:146)s entry into, and capacity to remain within, the single European currency?

What is the Commission(cid:146)s position on the opinion expressed by Mr Fazio to the effect that structural reforms and
a reduction in fiscal pressure are essential for participation in the single currency?