WRITTEN QUESTION E-2699/99 by Ole Krarup (EDD) to the Commission. Purposes of the ECB's currency reserves.
Date: 2000-01-12
Institutions: European Parliament, Provisional data
Subjects: European Central Bank, foreign-exchange reserves

24.10.2000

EN

Official Journal of the European Communities

C 303 E/93

that: (cid:145)In approving the Protocol on asylum for nationals of Member States of the European Union, Belgium
declares that, in accordance with its obligations under the 1951 Geneva Convention and the 1967 New
York Protocol, it shall, in accordance with the provision set out in point (d) of the sole Article of that
Protocol, carry out an individual examination of any asylum request made by a national of another
Member State.(cid:146) (1)

(1) See the Treaty of Amsterdam, Declarations of which the Conference took note No 5, declaration by Belgium on the

Protocol on asylum for nationals of Member State of the European Union.

(2000/C 303 E/084)

WRITTEN QUESTION E-2699/99

by Ole Krarup (EDD) to the Commission

(12 January 2000)

Subject: Purposes of the ECB(cid:146)s currency reserves

The Euro is a floating currency for which in relation to fixed currencies there is no need for intervention
via buying or selling. The currency reserve the ECB is establishing on a decentralised basis via the national
central banks therefore does not have the purpose of fixing the price of the Euro in relation to the
US dollar for example.

The ECB annual report for 1998 advances a number of other functions for the currency reserve (page 74).

May it be assumed from this that, in addition to these functions, the only purpose of the currency reserve
is to guarantee the financial standing of the ECB, or is there any reason to expect that parts of the currency
reserve may also be used for non-conventional purposes, e.g. for financial equalisation between regions to
offset an inadequate EU fiscal policy?

If the latter is not the case, can the Commission then confirm that the currency reserve will be used only
for purposes which have already been announced in the Treaties or by the ECB?

Answer given by Mr Solbes Mira on behalf of the Commission

(17 February 2000)

The main objective of the European System of Central Banks (ESCB) is to maintain stable prices. Whether
the euro has fixed or floating exchange rates, variation in its external value could have an impact on
inflation. The European Central Bank must be able to intervene on the exchange market, which means that
it must hold exchange reserves.

Article 3(1) of Protocol No 3 on the Statute of the European System of Central Banks and of the European
Central Bank specifies that, among others, the task of the European System of Central Banks is to conduct
foreign exchange operations consistent with the provisions of Article 109 of the Treaty.

The Treaty does not make provision for the use of the reserve (cid:145)for non-conventional purposes.(cid:146)

(2000/C 303 E/085)

WRITTEN QUESTION E-2707/99

by Ian Hudghton (Verts/ALE) to the Commission

(12 January 2000)

Subject: Fisheries: Fleet size and MAGPs

Can the Commission provide a comparative analysis of the methods used to calculate fleet size and
fulfilment of MAGPs in different Member States?