MacManus’ amendment on ECB Chief Economist’s private calls with investors wins support of European Parliament

Sinn Féin MEP Chris MacManus has welcomed the majority support for his amendment calling for an end to the private calls by ECB Chief Economist Philip Lane with private investors and big banks following ECB meetings. MacManus’ amendment stated that : “this practice must end immediately as it lacks transparency”;

MacManus said:

“I am delighted the Parliament has backed my call for an end to this practice. In a reply to me last month the ECB said it was reconsidering the issue. Clearly, MEPs today have backed my call for a complete and immediate end to the practice.”

“I was disappointed to see Fine Gael MEPs were among the minority who opposed my amendment.” 

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TEXT of Amendment:

37a.     Notes that the ECB is ‘reconsidering’ its policy of allowing the Chief Economist to make private phone calls with major investors following meetings where policy decisions are made, but considers that this practice must end immediately as it lacks transparency;

In favour :411

Against : 276