§ 40. Mr. John CryerTo ask the Chancellor of the Exchequer if he will make a statement on the mechanisms of public accountability of the European Central Bank. [97029]
§ Miss Melanie JohnsonThe EC Treaty contains several provisions designed to ensure the accountability of the European Central Bank. In accordance with Article 113(3) of the Treaty, the ECB is required to submit an annual report on the activities of the European System of Central Banks, and on the monetary policy of both the previous and current year to the European Parliament, the Council, the Commission and the European Council. The President of the ECB is required to present the report to the Council and to the European Parliament which may hold a general debate on that basis. In addition, the President of the ECB and the other members of the ECB's Executive Board may, at the request of the European Parliament or on their own initiative, be heard by the committees of the European Parliament.