EU Parliament’s resolution on ECB has wins for gender equality but further weakens climate action - Positive Money Europe

Strasbourg - Today, the European Parliament adopted its annual report on the European Central Bank (ECB), with 378 MEPs voting in favour, 233 against and 26 abstentions. 

Following the report’s approval by the ECON Committee on 16 January, it brings to conclusion the annual democratic oversight of the Eurozone's most powerful financial institution. 

Laura Casonato is Senior Policy Officer for the Brussels-based research and campaigning organisation Positive Money Europe.  

“The European Parliament has today endorsed a report that, even with some amendments, remains disappointing for the ECB’s involvement in the fight against climate change. The recommendation that the ECB follow the principle of market neutrality - the idea that the ECB shouldn't favour any particular industry - means that it is now harder for there to be the necessary change from the ECB to help fund the green transition. Instead, the ECB will now just keep on funding heavy-polluting fossil fuel companies.  The approval of amendment 13, at least shows that universal backing of market neutrality does not exist. All is not lost.’

"We still have hope, but we are at risk of getting towards the end of the game for fighting the climate crisis. And, if you look closely at the voting there are some apparent fragmentations in the power dynamics within the European Parliament and it’s shown also by the unusually high number of amendments tabled.  The amended version of the report, that was approved by the plenary today, is better than what was approved by the ECON Committee and it includes positives such as the acknowledgement that inflation is partly driven by supply-side shocks - including potential climate change impact.  Also, there’s good news in the calls for greater representation in the upper echelons of the ECB - where to date only 5 women have previously sat. We need to have Europe-wide political cohesion, alongside an independent ECB that together are willing to do what we need to help fund the transition to a better economy for people and the planet.”

Positive Money Europe is a research and advocacy nonprofit organisation, working on the economic system for social justice and a liveable planet.

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