A € for your thoughts (5): Cameron and EU & the general media on ECB Appointments

In the middle of the ongoing mess in the Eurozone, heads must be focused in finding a solution and until then doing as much damage control as possible. That means responsible governing and responsible reporting. This is not exactly what I would call responsible governing: Spending £280 Millions on a new EU building in a core country will not gain the support of the mass of austerity enduring peripheral countries, as Cameron (for once) correctly put it. Horrified is not too hysterical a reaction.

At the same time the media should also do its homework. So may be they could have focused on this story more, rather than the ridiculous attention that has been paid the process of appointing Draghi to the board of the ECB. In this article the FT describes a ridiculously unnecessary and dangerous situation in a Eurozone already afflicted by more problems than it can handle. But is this true? This type of fear mongering has become symptomatic of the ongoing crisis and it has absolutely no regard for legal factors. I’m not a lawyer, but it took me 5 min to figure out that the appointment of the ECB president is done by Qualified Majority Voting, as per Section 6, article 283, paragraph 2 of the Consolidated Treaty on the functioning of the EU:

“The President, the Vice-President and the other members of the Executive Board shall be appointed by the European Council, acting by a qualified majority, from among persons of recognised standing and professional experience in monetary or banking matters, on a recommendation from the Council, after it has consulted the European Parliament and the Governing Council of the European Central Bank.”

It’s just that simple! It’s really a good example of lazy reporting… If you check on wikipedia, you’ll see on the page for the president of the ECB that there is a link to the treaty, under the heading “External Links”: EU Treaties; Section 6 Article 282 on ECB.

This entry was posted in A € for your Thoughts, ECB and tagged , . Bookmark the permalink.

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