natgillin/translations-raw huggingface dataset:
This year the report focuses on the challenges ahead for the ECB, especially in the wake of the financial turmoil that has followed the US sub-prime mortgage crises, but also on governance issues such as effective decision-making and transparency.
This year the report focuses on the challenges ahead for the ECB, especially in the wake of the financial turmoil that has followed the US sub-prime mortgage crises, but also on governance issues such as effective decision-making and transparency.
The ECB today
The ECB today
The European Central Bank is the only truly common body within the European Union that deals with financial stability and monetary policy.
The European Central Bank is the only truly common body within the European Union that deals with financial stability and monetary policy.
Ten years after launching the EMU the role of the euro area and its common currency has proven to be a great success.
Ten years after launching the EMU the role of the euro area and its common currency has proven to be a great success.
Still, even after this promising decade some politicians in Europe, even Heads of State, continue to question the independence of the ECB.
Still, even after this promising decade some politicians in Europe, even Heads of State, continue to question the independence of the ECB.
As the rapporteur I support the independence of the ECB, as it is fundamental for securing a stable monetary policy, and I wholeheartedly welcome that this independence is clearly acknowledged and strengthened in the Lisbon treaty.
As the rapporteur I support the independence of the ECB, as it is fundamental for securing a stable monetary policy, and I wholeheartedly welcome that this independence is clearly acknowledged and strengthened in the Lisbon treaty.
The Commission estimates that the benefits of the introduction of the euro include:
The Commission estimates that the benefits of the introduction of the euro include:
 Inflation around 2% on average over the last 10 years.
 Inflation around 2% on average over the last 10 years.
 The creation of almost 16 million jobs since 1999.
 The creation of almost 16 million jobs since 1999.
 Lower long-term interest rates fell to less than 4%, half the level of the 1990s.
 Lower long-term interest rates fell to less than 4%, half the level of the 1990s.
 There is no longer a need for exchanging currencies which facilitates travel and shopping throughout the euro area.
 There is no longer a need for exchanging currencies which facilitates travel and shopping throughout the euro area.
 Stable exchange rates, which have boosted trade among euro area countries.
 Stable exchange rates, which have boosted trade among euro area countries.
These above mentioned effects are tangible changes for all citizens within the euro area.
These above mentioned effects are tangible changes for all citizens within the euro area.
But the changes have not only been felt by its members; with the increasing role of the euro and the common currency area the costs for staying outside rise.
But the changes have not only been felt by its members; with the increasing role of the euro and the common currency area the costs for staying outside rise.
Even though the candidate countries, such as my own country Sweden and the opt-outs Denmark and the United Kingdom are not yet members of the euro area, the establishment of the President of the Euro Group and the increasing need for cooperation in these matters makes this informal group much more important.
Even though the candidate countries, such as my own country Sweden and the opt-outs Denmark and the United Kingdom are not yet members of the euro area, the establishment of the President of the Euro Group and the increasing need for cooperation in these matters makes this informal group much more important.
The Lisbon treaty article 136 clearly states the role of the Euro Group and emphasises its importance in coordinating the economic policy.
The Lisbon treaty article 136 clearly states the role of the Euro Group and emphasises its importance in coordinating the economic policy.
I strongly support this, and recognise at the same time that this raises the stakes of not being able to take part in these deliberations.
I strongly support this, and recognise at the same time that this raises the stakes of not being able to take part in these deliberations.
The cost of staying outside the most fundamental part of the deeper integration within Europe remains substantial not only in economical, but also in political terms.
The cost of staying outside the most fundamental part of the deeper integration within Europe remains substantial not only in economical, but also in political terms.
My own country Sweden has stated the goal to enter the core of European integration.
My own country Sweden has stated the goal to enter the core of European integration.
A full membership in the economic cooperation would therefore, from my point of view be most welcome, if not even inevitable.
A full membership in the economic cooperation would therefore, from my point of view be most welcome, if not even inevitable.
2007 a year of many challenges
2007 a year of many challenges
2007 has proven to be an interesting and difficult year for the ECB, presenting a strong growth in the first half of the year followed by the financial turmoil from August and onwards.
2007 has proven to be an interesting and difficult year for the ECB, presenting a strong growth in the first half of the year followed by the financial turmoil from August and onwards.
The inflation has risen steadily and is now around 3 per cent, considerable higher than the target of inflation around 2 per cent on the medium term.
The inflation has risen steadily and is now around 3 per cent, considerable higher than the target of inflation around 2 per cent on the medium term.
The dollar, but also other currencies, have weakened considerable against the euro which has restarted the exchange rate discussions.
The dollar, but also other currencies, have weakened considerable against the euro which has restarted the exchange rate discussions.
The enlargement of the euro area gives the monetary area more weight, but at the same time presents more challenges as the decision-making becomes more cumbersome and the differences in economic development between the members grow.
The enlargement of the euro area gives the monetary area more weight, but at the same time presents more challenges as the decision-making becomes more cumbersome and the differences in economic development between the members grow.
Thus, this involves a number of challenges for the ECB, to which this report gives its views upon, also suggesting how the ECB might improve their actions.
Thus, this involves a number of challenges for the ECB, to which this report gives its views upon, also suggesting how the ECB might improve their actions.
Financial Stability
Financial Stability
The sub-prime mortgage crises has proven that financial stability is a global matter since a crisis no longer is contained to one country or one region.
The sub-prime mortgage crises has proven that financial stability is a global matter since a crisis no longer is contained to one country or one region.
The August 9 operation of the ECB provided the market with liquidity in the amount of EUR 95 billion to the markets as a fixed rate tender.
The August 9 operation of the ECB provided the market with liquidity in the amount of EUR 95 billion to the markets as a fixed rate tender.
This operation by the ECB followed the same procedure as normal ECB market operations.
This operation by the ECB followed the same procedure as normal ECB market operations.
Together with fine-tuning operations and the following abundant weekly refinancing operation, it succeeded in stabilising the very short-term interest rates.
Together with fine-tuning operations and the following abundant weekly refinancing operation, it succeeded in stabilising the very short-term interest rates.
The coordinated efforts with the FED and Bank of England have to a large extent helped keeping the financial system afloat, but have not solved the crises.
The coordinated efforts with the FED and Bank of England have to a large extent helped keeping the financial system afloat, but have not solved the crises.
It has also shown the need for better cooperation between central banks and other institutions.
It has also shown the need for better cooperation between central banks and other institutions.
The fact that the ECB as well as the FED both warned for underpricing risk ahead of the sub-prime mortgage crisis, without a sufficient response from the markets gives rise to questions on how to facilitate better responses.
The fact that the ECB as well as the FED both warned for underpricing risk ahead of the sub-prime mortgage crisis, without a sufficient response from the markets gives rise to questions on how to facilitate better responses.
The ongoing discussions in different fora are important for taking balanced measures in how to connect central banks and supervision on a more global level.
The ongoing discussions in different fora are important for taking balanced measures in how to connect central banks and supervision on a more global level.
As the turmoil still evolves it is important to make a thorough analysis together with the industry before taking any major new actions.
As the turmoil still evolves it is important to make a thorough analysis together with the industry before taking any major new actions.
Within the European Union the Lamfalussy follow-up should be one of the pillars for updating a European supervisory structure.
Within the European Union the Lamfalussy follow-up should be one of the pillars for updating a European supervisory structure.
Enlargement and governance
Enlargement and governance
The European Central Bank derives its acceptance among the public by the fact that it upholds goals, such as price stability and economic growth, considered necessary by the public and that measures taken to uphold these goals are explained sufficiently by the ECB.
The European Central Bank derives its acceptance among the public by the fact that it upholds goals, such as price stability and economic growth, considered necessary by the public and that measures taken to uphold these goals are explained sufficiently by the ECB.
This gives rise to forces in very different directions; effective decision-making versus openness and inclusiveness.
This gives rise to forces in very different directions; effective decision-making versus openness and inclusiveness.
These different tendencies may strengthen as the number of EU member states fulfilling the criteria for euro area membership increases.
These different tendencies may strengthen as the number of EU member states fulfilling the criteria for euro area membership increases.
The effect will be an enlarged area including more of the unions' citizens, but also a broader spectrum in economic development, growth rate and maturity of the economies.
The effect will be an enlarged area including more of the unions' citizens, but also a broader spectrum in economic development, growth rate and maturity of the economies.
Within the ECB challenges of effective decision-making will have to be balanced with the need for inclusion.
Within the ECB challenges of effective decision-making will have to be balanced with the need for inclusion.
In order for the ECB to cope with these upcoming challenges it should initiate a review of the possible options for changes in its decision-making and at an early stage involve relevant institutions in these deliberations.
In order for the ECB to cope with these upcoming challenges it should initiate a review of the possible options for changes in its decision-making and at an early stage involve relevant institutions in these deliberations.
Following the previous debates on how to reform the Governing Council and how to achieve effective discussions, deliberation and decision-making, today's system seems unviable as it would widen the wedge between the economic and political weight of euro area member countries within the ECB.
Following the previous debates on how to reform the Governing Council and how to achieve effective discussions, deliberation and decision-making, today's system seems unviable as it would widen the wedge between the economic and political weight of euro area member countries within the ECB.
A pragmatic option would to put more power into the hands of the Executive Committee, but as the one-person-one-vote is an established function and an important part of the democratic aspect, such a system is not politically acceptable.
A pragmatic option would to put more power into the hands of the Executive Committee, but as the one-person-one-vote is an established function and an important part of the democratic aspect, such a system is not politically acceptable.
This leaves four options: vote-weighting, representation, regional central banks or rotation.
This leaves four options: vote-weighting, representation, regional central banks or rotation.
I consider rotation of the membership of the Governing Council based on economic weight to be the best option as it combines effectiveness with democratic legitimacy.
I consider rotation of the membership of the Governing Council based on economic weight to be the best option as it combines effectiveness with democratic legitimacy.
Giving up the principle of equality of member states is a problem, but I believe this must be done in order to ensure the necessary decision-making capability; the best way to ensure that national interests will not unduly influence ECB policy making is to bring political power and economic weight of national central bank governors as closely into line as possible.
Giving up the principle of equality of member states is a problem, but I believe this must be done in order to ensure the necessary decision-making capability; the best way to ensure that national interests will not unduly influence ECB policy making is to bring political power and economic weight of national central bank governors as closely into line as possible.
Therefore, the main trust of the proposal should focus on economic weight as the determinating factor for selecting how regularly one can sit in the Governing Council.
Therefore, the main trust of the proposal should focus on economic weight as the determinating factor for selecting how regularly one can sit in the Governing Council.
As the rapporteur I consider openness and transparency to be of outmost importance, and I believe that providing the public with information will strengthen the legitimacy and predictability of the ECB.
As the rapporteur I consider openness and transparency to be of outmost importance, and I believe that providing the public with information will strengthen the legitimacy and predictability of the ECB.
I however recognise the difficulties in making the minutes of the Governing Council public, since different individual positions may be interpreted as national interests.
I however recognise the difficulties in making the minutes of the Governing Council public, since different individual positions may be interpreted as national interests.
If views were presented with names this would also increase risks for governments pressuring their "own" national central bank governor.
If views were presented with names this would also increase risks for governments pressuring their "own" national central bank governor.
This could lead to an obstruction of the aims of the European Central Bank´s actions, which in the long run may weaken its status and legitimacy among the public.
This could lead to an obstruction of the aims of the European Central Bank´s actions, which in the long run may weaken its status and legitimacy among the public.
Taking these difficulties into account, the need for more and better information still persists.
Taking these difficulties into account, the need for more and better information still persists.
I therefore call on the ECB´s Governing Council to always present the discussions leading up to a decision and especially elaborate on whether the consensus was reached easily or if divergent views persisted.
I therefore call on the ECB´s Governing Council to always present the discussions leading up to a decision and especially elaborate on whether the consensus was reached easily or if divergent views persisted.
This would give the public as well as the financial markets more information on how the discussions between the members of the Governing Council were taking place, without mentioning names or countries.
This would give the public as well as the financial markets more information on how the discussions between the members of the Governing Council were taking place, without mentioning names or countries.
The international role of the Euro
The international role of the Euro
Since its introduction the euro has firmly established itself as a major international currency, second only to the US dollar.
Since its introduction the euro has firmly established itself as a major international currency, second only to the US dollar.
Euro-denominated international debt securities surpassed those of the US dollar in 2004, while the percentage of bank loans issued by euro-area banks to non-euro-area borrowers which are denominated in euro stand at 36% as compared to 45% in US dollars.
Euro-denominated international debt securities surpassed those of the US dollar in 2004, while the percentage of bank loans issued by euro-area banks to non-euro-area borrowers which are denominated in euro stand at 36% as compared to 45% in US dollars.
The euro is also the second most actively traded currency in foreign exchange markets worldwide, and is used in more than a third of all foreign exchange transactions.
The euro is also the second most actively traded currency in foreign exchange markets worldwide, and is used in more than a third of all foreign exchange transactions.
In my view this proves the value of monetary cooperation, and that the euro is a major asset for all EMU members.
In my view this proves the value of monetary cooperation, and that the euro is a major asset for all EMU members.
However, the euro has a clear disadvantage compared to the dollar since it is a less unitary actor than the dollar in international fora, which leads to an absence of a strong voice in these contexts.
However, the euro has a clear disadvantage compared to the dollar since it is a less unitary actor than the dollar in international fora, which leads to an absence of a strong voice in these contexts.
Therefore, I call on the ECB to take measures towards a European representation in international financial institutions that reflects the true economic weight of the euro area; a unified euro area representation in these matters would increase the position of the euro in international financial institutions and thereby strengthen the currency's status.
Therefore, I call on the ECB to take measures towards a European representation in international financial institutions that reflects the true economic weight of the euro area; a unified euro area representation in these matters would increase the position of the euro in international financial institutions and thereby strengthen the currency's status.
Furthermore, this will lead to significant profits for the EMU members which will spur the enlargement of the euro area, since the countries outside the euro area will clearly see the benefits of a membership in the EMU.
Furthermore, this will lead to significant profits for the EMU members which will spur the enlargement of the euro area, since the countries outside the euro area will clearly see the benefits of a membership in the EMU.
Mariela Velichkova Baeva, Zsolt László Becsey, Pervenche Berès, Sharon Bowles, Udo Bullmann, David Casa, Manuel António dos Santos, Elisa Ferreira, José Manuel García-Margallo y Marfil, Donata Gottardi, Dariusz Maciej Grabowski, Benoît Hamon, Karsten Friedrich Hoppenstedt, Sophia in ‘t Veld, Othmar Karas, Piia-Noora Kauppi, Wolf Klinz, Christoph Konrad, Guntars Krasts, Kurt Joachim Lauk, Andrea Losco, Astrid Lulling, Florencio Luque Aguilar, Hans-Peter Martin, John Purvis, Alexander Radwan, Bernhard Rapkay, Dariusz Rosati, Eoin Ryan, Antolín Sánchez Presedo, Olle Schmidt, Peter Skinner, Margarita Starkevičiūtė, Ivo Strejček, Ieke van den Burg
Mariela Velichkova Baeva, Zsolt László Becsey, Pervenche Berès, Sharon Bowles, Udo Bullmann, David Casa, Manuel António dos Santos, Elisa Ferreira, José Manuel García-Margallo y Marfil, Donata Gottardi, Dariusz Maciej Grabowski, Benoît Hamon, Karsten Friedrich Hoppenstedt, Sophia in ‘t Veld, Othmar Karas, Piia-Noora Kauppi, Wolf Klinz, Christoph Konrad, Guntars Krasts, Kurt Joachim Lauk, Andrea Losco, Astrid Lulling, Florencio Luque Aguilar, Hans-Peter Martin, John Purvis, Alexander Radwan, Bernhard Rapkay, Dariusz Rosati, Eoin Ryan, Antolín Sánchez Presedo, Olle Schmidt, Peter Skinner, Margarita Starkevičiūtė, Ivo Strejček, Ieke van den Burg
Mia De Vits, Ján Hudacký, Janusz Lewandowski, Vladimír Maňka, Theodor Dumitru Stolojan
Mia De Vits, Ján Hudacký, Janusz Lewandowski, Vladimír Maňka, Theodor Dumitru Stolojan
Milan Gaľa, Tobias Pflüger
Milan Gaľa, Tobias Pflüger
PE 407.771v01-00
PE 407.771v01-00
(Процедура на консултация – кодификация)
(Consultation procedure)
– като взе предвид предложението на Комисията към Съвета ( COM(2008)0091 ),
– having regard to the Commission proposal to the Council ( COM(2008)0091 ),
– като взе предвид член 37 от Договора за ЕО, съгласно който Съветът се е консултирал с него ( C6‑0136/2008 ),
– having regard to Article 37 of the EC Treaty, pursuant to which the Council consulted Parliament ( C6‑0136/2008 ),
– като взе предвид Междуинституционалното споразумение от 20 декември 1994 г. относно ускорен метод на работа за официална кодификация на законодателни текстове
– having regard to Interinstitutional Agreement of 20 December 1994 – Accelerated working method for official codification of legislative texts
– като взе предвид доклада на комисията по правни въпроси ( A6‑0242/2008 ),
– having regard to the report of the Committee on Legal Affairs ( A6‑0242/2008 ),
1. одобрява предложението на Комисията, както е адаптирано към препоръките на консултативната работна група на правните служби на Европейския парламент, Съвета и Комисията;
Approves the Commission proposal as adapted to the recommendations of the Consultative Working Party of the Legal Services of the European Parliament, the Council and the Commission;
Brussels, April 15, 2008
Brussels, April 15, 2008
Proposal for a Council directive on the marketing of material for the vegetative propagation of the vine
Proposal for a Council directive on the marketing of material for the vegetative propagation of the vine
COM(2008)0091 of 21.2.2008 - 2008/0039(CNS)
COM(2008)0091 of 21.2.2008 - 2008/0039(CNS)
Having regard to the Inter-institutional Agreement of 20 December 1994 on an accelerated working method for official codification of legislative texts, and in particular to point 4 thereof, the Consultative Working Party, consisting of the respective legal services of the European Parliament, the Council and the Commission, met on 3 Mars 2008 for the purpose of examining, among others, the aforementioned proposal submitted by the Commission.
Having regard to the Inter-institutional Agreement of 20 December 1994 on an accelerated working method for official codification of legislative texts, and in particular to point 4 thereof, the Consultative Working Party, consisting of the respective legal services of the European Parliament, the Council and the Commission, met on 3 Mars 2008 for the purpose of examining, among others, the aforementioned proposal submitted by the Commission.
PE 407.772v01-00
PE 407.772v01-00
(Процедура на консултация – кодификация)
(Consultation procedure - codification)
– като взе предвид предложението на Комисията към Съвета ( COM(2008)0099 ),
– having regard to the Commission proposal to the Council ( COM(2008)0099 ),
– като взе предвид член 37 от Договора за ЕО, съгласно който Съветът се е консултирал с него ( C6‑0135/2008 ),
– having regard to Article 37 of the EC Treaty, pursuant to which the Council consulted Parliament ( C6‑0135/2008 ),