During the plenary session (16-19 September 2019) of the European Parliament in Strasbourg, MEPs debate on the role of the ECB in the EU´s economic policy. Christine LAGARDE is expected to obtain a recommendation from the plenary to become the next ECB President. Statements by Irene TINAGLI (S&D, IT), Rapporteur, Valdis DOMBROVSKIS, Vice-President of the European Commission, Markus FERBER (EPP, DE), Jonás FERNÁNDEZ (S&D, ES), Luis GARICANO (RE, ES), Sven GIEGOLD (Greens/EFA, DE) and Manon AUBRY (GUE/NGL, FR).

Strasbourg

debate

plenary session

FERNÁNDEZ, Jonás (S&D, ES)

GIEGOLD, Sven (Greens/EFA, DE)

FERBER, Markus (EPP, DE)

DOMBROVSKIS, Valdis (EPP, LV, EC)

LAGARDE, Christine (FR)

AUBRY, Manon (The Left, FR)

GARICANO, Luis (Renew, ES)

TINAGLI, Irene (S&D, IT)

appointment of the President of the ECB (T)

Appointment of Christine LAGARDE as President of the European Central Bank: extracts from the debate

SOUNDBITE (English), Irene TINAGLI (S&amp;D, IT), Rapporteur, The euro though is more than a mere economic tool. It is above all an ambitious political project. It is the cornerstone of a European Union of peace and prosperity and the unavoidable instrument to protect and support the European economic, social and political model, facing the important transformations of our time. Over the last 20 years, despite the imperfection and incompleteness of the European economic governance, the single currency has shown an amazing strength and resilience.

SOUNDBITE (English), Valdis DOMBROVSKIS, Vice-President of the European Commission, Monetary policy should be supported by structural reforms and fiscal policy. On the side of structural reforms, we need to use all levers to facilitate the transformation which Europe's businesses and employees will need to embark in the coming years and meet challenges like climate change, the digital age, and global political uncertainty. As regards fiscal policies, within the limits of fiscal sustainability, fiscal policy can provide a boost to domestic demand and investment.

SOUNDBITE (German), Markus FERBER (EPP, DE), It's important that we stick to the treaty of course so that we comply with our legal obligations. But in order to comply with this target in the medium term, the European Central Bank has to move out of its current monetary policy. We want to make sure that we are not dependent on cheap currency.

SOUNDBITE (Spanish), Jon&#225;s FERN&#193;NDEZ (S&amp;D, ES), <p>Madam Lagarde wants to ensure continuity with the work done by Mario Draghi in the ECB in the past years that was able to save the euro at a very critical moment. Furthermore, the candidate said that she would reframe monetary policy, Mr. FELBER, within the limits of the treaties, but to ensure a sufficient margin to look at how we are going to ensure price stability.</p>

SOUNDBITE (Spanish), Luis GARICANO (RE, ES), Monetary policy is trying to do a lot, perhaps too much, as is the ECB. And they've done a lot. The reason that the ECB is not perhaps doing as much as it could is because of Member States, they are not playing their part. And I think, listening to Ms Lagarde, she could do quite a lot. Half of European countries don't have a deficit and could invest in the future. And I think that what is happening in some instances is not right for our citizens.

SOUNDBITE (German), Sven GIEGOLD (Greens/EFA, DE), Nominating Mrs Lagarde is basically a confirmation of the basic course under Mario Draghi and the ECB. It was the ECB which saved the euro. Without the ECB we wouldn't have price stability, because the most unstable currency is one which doesn't have price stability. A falling currency is not stable and the attacks on the ECB for not fulfilling its mandate misses the point. We have a situation that the Member States of the Eurozone are not doing their homework both in those countries which have economic problems, the socially fair reforms, they're not boosting their economy, but also in excess countries which are paying down debt rather than having space for economic development and ecological and socially sustainable transformation.

SOUNDBITE (French), Manon AUBRY (GUE/NGL, FR), Despite the crisis and the Greek crisis the ECB is not putting its policies at the service of the many. Christine Lagarde and the Commission speak about a green deal but they don't finance the consequences of the disaster. Are they willing to buy up debt? Are they lending to countries to make the transition? No, they don't want to distort the markets and that's a shame because the planet is paying the price.