Wednesday, 13 November 2019

Questions (90)

Thomas P. Broughan


90. Deputy Thomas P. Broughan asked the Minister for Finance his views on the key steps which should be recommended to the new Lagarde leadership of the European Central Bank to stimulate the slowing EU economy. [45808/19]

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Written answers (Question to Finance)

The ECB's mandate is to maintain price stability in the euro area. The Central Bank of Ireland contributes to the formulation of monetary policy at Eurosystem level, and further details of this? are set out in the Bank’s Annual Report.

The Treaty on the Functioning of the European Union prohibits the ECB from seeking or taking instructions from EU institutions or bodies, from any government of an EU Member State, or from any other body. These requirements are set out in Article 130 of the Treaty and ensure that the principle of central bank independence is respected and there is no influence on the members of the ECB’s decision-making bodies.  Therefore, it would not be appropriate for me to make recommendations such as the Deputy suggests.