WRITTEN QUESTION E-1060/03 by Jonas Sjöstedt (GUE/NGL) to the Commission. Financing of Swedish buffer funds.
Date: 2003-03-28
Institutions: European Parliament, Provisional data
Subjects: Economic and Monetary Union, Sweden, capital transfer, central bank, economic convergence, financing

C 51 E/62

Official Journal of the European Union

EN

26.2.2004

Joint answer
to Written Questions E-1004/03, E-1005/03, E-1006/03,
E-1007/03, E-1008/03, E-1009/03, E-1010/03, E-1011/03,
E-1012/03, E-1013/03, E-1014/03, E-1015/03 and E-1016/03
given by Mr Vitorino on behalf of the Commission

(28 April 2003)

The Daphne programme received the following proposals in 2003 alone:

(cid:1) two proposals from the muncipality of Florence (cid:1) Assessorato Pubblica Istruzione e Politiche

Giovanili, Direzione Istruzione;

(cid:1) one proposal from the muncipality of Pesaro (cid:1) Servizio sociale;

(cid:1) one proposal from the muncipality of Siena (cid:1) Comitato di ente per le pari opportunita.

The Commission has not yet assessed these proposals and is, therefore, unable to provide the Honourable
Member with details of the selection or funding at this stage.
Information on the outcome of the
assessment process will be sent in July 2003 to all parties which applied to the Daphne programme in
2003.

No proposal was received between 1997 and 2003 for the other municipalities referred to by the
Honourable Member (Ancona, Livorno, Macerata, Massa, Perugia, Pisa, Pistoia, Prato and Terni).

(2004/C 51 E/069)

WRITTEN QUESTION E-1060/03

by Jonas Sjöstedt (GUE/NGL) to the Commission

(28 March 2003)

Subject: Financing of Swedish buffer funds

A debate is under way in Sweden concerning the formation of ‘buffer funds’ which, in the event of Sweden
joining EMU, would be used to make adjustments during periods of economic instability and insecurity by,
for example, lowering employers’ contributions.

The buffer funds require extensive resources if they are to be able to represent any significant adjustment
mechanism in the future. What is the Commission’s view of the possibility of financing the funds with the
aid of monetary resources from the Swedish Central Bank, Riksbanken?

Answer given by Mr Solbes Mira on behalf of the Commission

(2 May 2003)

Article 108 of the EC Treaty requires that national central banks need to be independent, notably from
their national government or from any other body. Financial
independence constitutes an important
component of a central bank’s overall independence, as it should be able to avail itself autonomously of
the appropriate economic means to fulfil its mandate.

While financial transfers from a central bank to its national government, for example in the form of profit
allocation or distribution of dividends, are not necessarily in contradiction with this principle, financial
independence needs to be guaranteed by detailed legislation setting out the rules and conditions for such
financial transfers and ensuring, for example through a specific safeguard clause, that the central bank
retains the financial means necessary for the implementation of all its ESCB-related tasks.

In relation to certain extraordinary payments made to the Swedish State, the Commission has pointed out
in its latest Convergence Report (1) that the Riksbank’s independence, and in particular its financial
independence, is at present not fully guaranteed. The ultimate destination of these payments (for example,
the constitution of ‘buffer funds’) is not a relevant consideration in this respect.

(1) COM(2002) 243 final.