Money on the agenda: MEPs review the performance of the ECB and criticise the European Commission over the Cyprus banking bailout.

European Central Bank / Cyprus

The European Central Bank has come  under scrutiny over its 2011 performance.

Top marks from MEPs for stabilising  financial markets and for monetary policy.

Fewer marks, according to the author  of a parliamentary report,

for failing to direct funds to growth  and jobs, particularly new enterprises.

The ECB could and should have  a much more proactive stance

because of course we need to provide  access to credit for the SMEs.

Otherwise we don't have enterprises,  jobs or growth.

after new amendments were passed  at plenary contradicting her ideas.

Some MEPs say she's misunderstood  the role of the ECB.

Controlling inflation and stability  is the task of the ECB

and that's why they're independent  in order to achieve this.

As estimates of the bailout needs  of Cyprus rise to over 20 billion euros,

MEPs, angry at the handling of the crisis  by the Eurogroup,

have grilled the EU Commissioner  for Monetary Affairs, Olli Rehn.

Many were scathing  of the original agreement,

None was more scathing, however,  than Cypriot MEP Antigoni Papadopoulou.

and unfortunately as guinea pigs  for an experiment

to see whether this bail-in, or bail-out,  or haircut technique,

is satisfactory to be followed maybe  in other states of Europe as well.