§ Dr. Lynne JonesTo ask the Chancellor of the Exchequer what discussions he has had with his European partners on increasing the democratic accountability of the European Central Bank. [74878]
§ Ms HewittArticle 109b(3) of the Maastricht Treaty contains several provisions designed to balance the necessary independence of the European Central Bank with the need for democratic accountability.
The Government believe that accountability and transparency in policy/making will be key to ensuring that the European Central Bank gains the trust of the European public and financial markets. Ultimately, it will help to provide the credibility needed to deliver a more effective monetary policy.