natgillin/translations-raw huggingface dataset:
36. má za to, že účast zaměstnanců a jejich odborů při přijímání rozhodnutí, která se jich dotýkají, a sociální dialog na vysoké úrovni přispějí ke vzniku společné kultury na půdě Eurosystému a ESCB;
Considers that involving the staff and their trade unions in the decisions that concern them, and high-level social dialogue, will contribute to the emergence of a common culture within the Eurosystem and the ESCB;
In the resolution it adopts on the ECB's annual report, Parliament assesses the work of the Central Bank.
In the resolution it adopts on the ECB's annual report, Parliament assesses the work of the Central Bank.
In the light of seven years' experience with the euro, and following the completion of a full cycle of new appointments to the ECB's Executive Board, this year your rapporteur would like to highlight the need to improve ex ante and ex post democratic scrutiny of the ECB.
In the light of seven years' experience with the euro, and following the completion of a full cycle of new appointments to the ECB's Executive Board, this year your rapporteur would like to highlight the need to improve ex ante and ex post democratic scrutiny of the ECB.
Economic and monetary developments in 2005
Economic and monetary developments in 2005
In 2005, GDP by volume increased by 1.4% in the eurozone, below the 2004 figure of 1.8%.
In 2005, GDP by volume increased by 1.4% in the eurozone, below the 2004 figure of 1.8%.
In the first half of 2005, the volume of economic activity increased only moderately, but that increase then gained pace in the second half of the year.
In the first half of 2005, the volume of economic activity increased only moderately, but that increase then gained pace in the second half of the year.
Inflation reached 2.2% in 2005, a level comparable to the 2004 figure of 2.1%.
Inflation reached 2.2% in 2005, a level comparable to the 2004 figure of 2.1%.
The increase in energy prices did not give rise to internal inflationary pressures, in particular as a result of continuing wage moderation.
The increase in energy prices did not give rise to internal inflationary pressures, in particular as a result of continuing wage moderation.
After keeping interest rates constant at 2% for two-and-a-half years, the Governing Council decided to increase the key rates by 25 basis points on 1 December 2005 and then, successively, on 2 March, 8 June and 3 August 2006.
After keeping interest rates constant at 2% for two-and-a-half years, the Governing Council decided to increase the key rates by 25 basis points on 1 December 2005 and then, successively, on 2 March, 8 June and 3 August 2006.
These decisions were prompted by the fear that future oil price rises might lead to second-round wage effects against a background of a rapid expansion in the provision of credit.
These decisions were prompted by the fear that future oil price rises might lead to second-round wage effects against a background of a rapid expansion in the provision of credit.
The Eurosystem economic forecasts point to growth of between 1.8% and 2.4% in 2006 and between 1.3% and 2.3% in 2007.
The Eurosystem economic forecasts point to growth of between 1.8% and 2.4% in 2006 and between 1.3% and 2.3% in 2007.
This recovery would seem to be fairly fragile, as reflected in the broad range of the estimates and the likely slow-down in activity as from 2007.
This recovery would seem to be fairly fragile, as reflected in the broad range of the estimates and the likely slow-down in activity as from 2007.
Your rapporteur would like to draw attention to the statements made by the IMF and the OECD calling for a cautious approach to future changes in interest rates in the eurozone, which should take account of the recent nature, the strength and the resilience of the economic recovery.
Your rapporteur would like to draw attention to the statements made by the IMF and the OECD calling for a cautious approach to future changes in interest rates in the eurozone, which should take account of the recent nature, the strength and the resilience of the economic recovery.
The two institutions refer to a number of factors likely to endanger what is still a hesitant recovery, such as sudden increases in the euro exchange rate and oil prices.
The two institutions refer to a number of factors likely to endanger what is still a hesitant recovery, such as sudden increases in the euro exchange rate and oil prices.
These factors already contributed to the weakness of economic growth in 2005.
These factors already contributed to the weakness of economic growth in 2005.
In 2005, the international economic environment was dominated by widening disequilibria, in particular the US balance of payments deficit, which reached 6.4% of GDP.
In 2005, the international economic environment was dominated by widening disequilibria, in particular the US balance of payments deficit, which reached 6.4% of GDP.
These disequilibria represent a serious risk, since the measures taken to resolve them could have an immediate impact on the euro-dollar exchange rate.
These disequilibria represent a serious risk, since the measures taken to resolve them could have an immediate impact on the euro-dollar exchange rate.
Any sudden, marked increase in the value of the euro would seriously undermine European economic growth.
Any sudden, marked increase in the value of the euro would seriously undermine European economic growth.
The eurozone must prepare as well as it can for such an eventuality.
The eurozone must prepare as well as it can for such an eventuality.
Against this background, your rapporteur takes the view that the degree of importance attached to the euro exchange rate in the conduct of monetary policy must be clarified and that the Council's scope for action should also be properly defined with a view to making clear precisely what its institutional responsibilities in this area are.
Against this background, your rapporteur takes the view that the degree of importance attached to the euro exchange rate in the conduct of monetary policy must be clarified and that the Council's scope for action should also be properly defined with a view to making clear precisely what its institutional responsibilities in this area are.
Improving the coordination of economic and monetary policy is vital and your rapporteur would like to point out that the definition of a suitable policy mix, something which has been lacking since the euro was introduced, is a precondition for the consolidation of the economic recovery which is taking shape.
Improving the coordination of economic and monetary policy is vital and your rapporteur would like to point out that the definition of a suitable policy mix, something which has been lacking since the euro was introduced, is a precondition for the consolidation of the economic recovery which is taking shape.
Increasing the growth potential is also contingent on effective macroeconomic fine-tuning.
Increasing the growth potential is also contingent on effective macroeconomic fine-tuning.
Accordingly, your rapporteur wishes to support the efforts made by the Eurogroup to foster more active macroeonomic dialogue between the Council, the ECB and the social partners.
Accordingly, your rapporteur wishes to support the efforts made by the Eurogroup to foster more active macroeonomic dialogue between the Council, the ECB and the social partners.
Financial stability and integration
Financial stability and integration
Your rapporteur applauds the ECB's contribution to the monitoring of financial integration and stability in the eurozone.
Your rapporteur applauds the ECB's contribution to the monitoring of financial integration and stability in the eurozone.
In 2005, the ECB published a new report on financial integration in the eurozone setting out a series of indicators.
In 2005, the ECB published a new report on financial integration in the eurozone setting out a series of indicators.
That report shows that the degree of integration varies substantially between market compartments: the money markets and the markets for government securities and private sector bonds are highly integrated; progress has been made as regards the integration of stock markets; the integration of banking markets, in particular retail banking, is lagging well behind.
That report shows that the degree of integration varies substantially between market compartments: the money markets and the markets for government securities and private sector bonds are highly integrated; progress has been made as regards the integration of stock markets; the integration of banking markets, in particular retail banking, is lagging well behind.
The ECB emphasises that a financial market cannot be fully integrated without integrated market infrastructures, in particular clearing and settlement-delivery infrastructures, and takes the view that substantial progress is still required, calling for a legislative initiative in this area.
The ECB emphasises that a financial market cannot be fully integrated without integrated market infrastructures, in particular clearing and settlement-delivery infrastructures, and takes the view that substantial progress is still required, calling for a legislative initiative in this area.
Your rapporteur fully supports that standpoint.
Your rapporteur fully supports that standpoint.
As regards financial stability, the ECB takes the view that the solidity of the financial system in the eurozone has improved, but highlights the risks stemming from hedge funds.
As regards financial stability, the ECB takes the view that the solidity of the financial system in the eurozone has improved, but highlights the risks stemming from hedge funds.
Very little is known about such funds and the arbitrary valuation of their holdings does not offer investors a clear picture of their performance.
Very little is known about such funds and the arbitrary valuation of their holdings does not offer investors a clear picture of their performance.
Your rapporteur urges the ECB to improve its monitoring of speculative funds and takes the view that financial stability considerations must be central to any regulatory approach which is developed with regard to such funds.
Your rapporteur urges the ECB to improve its monitoring of speculative funds and takes the view that financial stability considerations must be central to any regulatory approach which is developed with regard to such funds.
Your rapporteur takes the view that the process of transferring risk from the financial sector to private individuals, which has become more pronounced in recent years, must be monitored closely.
Your rapporteur takes the view that the process of transferring risk from the financial sector to private individuals, which has become more pronounced in recent years, must be monitored closely.
In particular, it is important that the macroeconomic implications should be assessed.
In particular, it is important that the macroeconomic implications should be assessed.
Ever since the introduction of the fiduciary euro, the value of the banknotes in circulation has increased very quickly, the figure for 2005 being 12.8%.
Ever since the introduction of the fiduciary euro, the value of the banknotes in circulation has increased very quickly, the figure for 2005 being 12.8%.
That growth is essentially accounted for by large denomination notes, in particular € 500 banknotes, the number of which in circulation increased by 20.9% in 2005.
That growth is essentially accounted for by large denomination notes, in particular € 500 banknotes, the number of which in circulation increased by 20.9% in 2005.
Given the increased risk of money laundering and tax fraud linked to these developments, your rapporteur takes the view that the ECB should analyse the factors behind this substantial increase and assess the implications.
Given the increased risk of money laundering and tax fraud linked to these developments, your rapporteur takes the view that the ECB should analyse the factors behind this substantial increase and assess the implications.
Management of the ECB
Management of the ECB
Echoing the statements made by its President, your rapporteur takes the view that the management of the ECB must be exemplary, and therefore applauds the ECB's stated intention of improving its internal effectiveness.
Echoing the statements made by its President, your rapporteur takes the view that the management of the ECB must be exemplary, and therefore applauds the ECB's stated intention of improving its internal effectiveness.
The size of the ECB's staff complement has increased by 86% since 1999.
The size of the ECB's staff complement has increased by 86% since 1999.
Part of that increase can no doubt be explained by the fact that the institution is in its infancy.
Part of that increase can no doubt be explained by the fact that the institution is in its infancy.
However, the need to curb staff numbers became clear, leading to a temporary recruitment freeze in 2005, although the size of the staff complement still increased by 3.5% over the year.
However, the need to curb staff numbers became clear, leading to a temporary recruitment freeze in 2005, although the size of the staff complement still increased by 3.5% over the year.
Your rapporteur takes the view that the aim of improving the ECB's internal effectiveness should be reflected, in the long term, by a stabilisation of its staff complement and transparent social dialogue.
Your rapporteur takes the view that the aim of improving the ECB's internal effectiveness should be reflected, in the long term, by a stabilisation of its staff complement and transparent social dialogue.
As regards its financial results, in 2005 the ECB showed a net profit of zero, as a result of provisions to cover exchange-rate and interest-rate risks and risks linked to fluctuations in the gold price.
As regards its financial results, in 2005 the ECB showed a net profit of zero, as a result of provisions to cover exchange-rate and interest-rate risks and risks linked to fluctuations in the gold price.
At the same time, the cost of constructing the ECB's new headquarters is put at € 850 million.
At the same time, the cost of constructing the ECB's new headquarters is put at € 850 million.
Your rapporteur would like the ECB to implement a financial policy which enables it to generate satisfactory financial results.
Your rapporteur would like the ECB to implement a financial policy which enables it to generate satisfactory financial results.
EMU has now been in operation for seven years, so that, with regard to the ECB, enough time has passed to make a realistic assessment possible of the improvements required to the arrangements for the exercise of democratic scrutiny by Parliament.
EMU has now been in operation for seven years, so that, with regard to the ECB, enough time has passed to make a realistic assessment possible of the improvements required to the arrangements for the exercise of democratic scrutiny by Parliament.
Democratic scrutiny is exercised in two ways: ex ante, in the procedure for making appointments to the ECB's Executive Board, and ex post, in the monitoring of ECB decisions.
Democratic scrutiny is exercised in two ways: ex ante, in the procedure for making appointments to the ECB's Executive Board, and ex post, in the monitoring of ECB decisions.
Both these forms of scrutiny need to be strengthened.
Both these forms of scrutiny need to be strengthened.
Your rapporteur is proposing a set of improvements, limited in scope when taken individually, but which together can make democratic scrutiny genuinely more effective.
Your rapporteur is proposing a set of improvements, limited in scope when taken individually, but which together can make democratic scrutiny genuinely more effective.
As regards the process of appointing the ECB's Executive Board, the appointment of a completely new set of members has confirmed that the large countries (France, Germany, Italy and Spain) have each claimed a de facto right to one seat, with the two remaining seats falling to the smaller countries.
As regards the process of appointing the ECB's Executive Board, the appointment of a completely new set of members has confirmed that the large countries (France, Germany, Italy and Spain) have each claimed a de facto right to one seat, with the two remaining seats falling to the smaller countries.
This practice is not consistent with the spirit of the Treaty (Article 112(b) and Article 11.2 of the Statute of the ESCB and the ECB).
This practice is not consistent with the spirit of the Treaty (Article 112(b) and Article 11.2 of the Statute of the ESCB and the ECB).
The representation which these four large countries have claimed serves to restrict the Council's choice at the nomination stage.
The representation which these four large countries have claimed serves to restrict the Council's choice at the nomination stage.
With a view to guaranteeing confirmation, these countries nominate individuals with a standard background as civil servants or central bankers.
With a view to guaranteeing confirmation, these countries nominate individuals with a standard background as civil servants or central bankers.
As a result, the make-up of the ECB's Executive Board is much less varied than that of other central banks.
As a result, the make-up of the ECB's Executive Board is much less varied than that of other central banks.
However, the representation of a variety of backgrounds on the Executive Board is a precondition for open and fruitful dialogue during the ex post scrutiny stage.
However, the representation of a variety of backgrounds on the Executive Board is a precondition for open and fruitful dialogue during the ex post scrutiny stage.
Accordingly, the nomination stage should be made more transparent by opening it up to discussion.
Accordingly, the nomination stage should be made more transparent by opening it up to discussion.
A number of approaches spring to mind.
A number of approaches spring to mind.
Your rapporteur takes the view that there is one simple way of making the procedure consistent with the spirit of the Treaty: in order to ensure that decisions are taken on the basis of a genuine choice of nominees, a minimum number of names put forward by a minimum number of countries should be discussed openly.
Your rapporteur takes the view that there is one simple way of making the procedure consistent with the spirit of the Treaty: in order to ensure that decisions are taken on the basis of a genuine choice of nominees, a minimum number of names put forward by a minimum number of countries should be discussed openly.
In that way, the Council proposal would be based on a discussion of at least three names put forward by several countries.
In that way, the Council proposal would be based on a discussion of at least three names put forward by several countries.
As an adjunct to the openness and transparency required at the nomination stage, Parliament's role should be strengthened by granting it the power to confirm appointments to the Executive Board, by means of a procedure similar to that employed in many countries, in particular the USA.
As an adjunct to the openness and transparency required at the nomination stage, Parliament's role should be strengthened by granting it the power to confirm appointments to the Executive Board, by means of a procedure similar to that employed in many countries, in particular the USA.
Such a power would be a further incentive for the Council to hold a genuinely open discussion when preparing its proposal.
Such a power would be a further incentive for the Council to hold a genuinely open discussion when preparing its proposal.
Ex post democratic scrutiny also needs to be improved.
Ex post democratic scrutiny also needs to be improved.
Admittedly, monetary dialogue, in the form of the presentation of the ECB's annual report to Parliament and the hearings of the President of the ECB held four times a year by the Committee on Economic and Monetary Affairs, has focused attention on the need to justify monetary policy decisions.
Admittedly, monetary dialogue, in the form of the presentation of the ECB's annual report to Parliament and the hearings of the President of the ECB held four times a year by the Committee on Economic and Monetary Affairs, has focused attention on the need to justify monetary policy decisions.
The press conferences held by the ECB after taking monetary policy decisions are also welcome.
The press conferences held by the ECB after taking monetary policy decisions are also welcome.
However, it must be acknowledged that these arrangements are much more a part of the ECB's communications policy than a genuine exercise in accountability.
However, it must be acknowledged that these arrangements are much more a part of the ECB's communications policy than a genuine exercise in accountability.
The independence which the ECB enjoys, to a degree which has no equivalent anywhere else in the world, demands greater transparency in its monetary decision-making, whether in its relations with Parliament or in the use of all the forms of communication it can employ to explain its decisions.
The independence which the ECB enjoys, to a degree which has no equivalent anywhere else in the world, demands greater transparency in its monetary decision-making, whether in its relations with Parliament or in the use of all the forms of communication it can employ to explain its decisions.
In that connection, your rapporteur would like to reiterate the call made to the Governing Council that it should take its decisions by means of a vote, as implicitly provided for by Article 10 of the Protocol on the Statute of the ESBC and the ECB, and that summary minutes of each meeting of the Governing Council should be published, setting out the positions of the parties for and against any given proposal, details of votes and any minority opinions.
In that connection, your rapporteur would like to reiterate the call made to the Governing Council that it should take its decisions by means of a vote, as implicitly provided for by Article 10 of the Protocol on the Statute of the ESBC and the ECB, and that summary minutes of each meeting of the Governing Council should be published, setting out the positions of the parties for and against any given proposal, details of votes and any minority opinions.
Your rapporteur is also urging that Parliament should be represented at meetings of the Governing Council, in the same way as the Council and Commission.
Your rapporteur is also urging that Parliament should be represented at meetings of the Governing Council, in the same way as the Council and Commission.
Your rapporteur would also like to point out that the system of rotating voting rights applicable to decisions of the ECB's Governing Council, as adopted in 2003, is too complex and therefore unsuitable, and, with a view to future enlargements of the eurozone, calls for a system to be introduced which combines fairness and effectiveness.
Your rapporteur would also like to point out that the system of rotating voting rights applicable to decisions of the ECB's Governing Council, as adopted in 2003, is too complex and therefore unsuitable, and, with a view to future enlargements of the eurozone, calls for a system to be introduced which combines fairness and effectiveness.
Since Parliament's earlier calls have gone unheeded, and in the light of the experience gained in the seven years following the introduction of the euro, your rapporteur takes the view that the opportunity offered by the revision of the Constitutional Treaty must be exploited.
Since Parliament's earlier calls have gone unheeded, and in the light of the experience gained in the seven years following the introduction of the euro, your rapporteur takes the view that the opportunity offered by the revision of the Constitutional Treaty must be exploited.