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European Central Bank

Volume 405: debated on Thursday 15 May 2003

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To ask the Chancellor of the Exchequer what his policy is towards the proposed changes in the (a) voting and (b) decision making procedures of the European Central Bank. May [112287]

The Government are keen that any changes to the ECB's voting modalities secure an effective decision-making body in the ECB.Given the provisions of the "enabling clause" inserted into the ESCB Statute under the Treaty of Nice and the requirement for unanimity in both the Governing Council and the Council, the Government believe that the proposed changes represent a feasible option for achieving this at the current stage.