EP approves Scicluna report on ECB

A report by Maltese Labour MEP Edward Scicluna on the performance of the European Central Bank was today unanimously adopted by the European Parliament in Brussels.

Prof Scicluna said:

"I am delighted to secure support from all-sides of the European Parliament for my first report as an MEP.

"The cross-party support for my report shows that a good balance has been found."

Prof. Scicluna's report deals with the ECB's response to the financial crisis which has been the stiffest test for the ECB since its establishment. It also focused on 'exit strategy' proposals, reforms to the EU's financial framework and the governance and accountability of the ECB. The report on the ECB is Prof. Scicluna's first rapporteurship since his election as an MEP last June.

He said that the core principles of his report were to restore public confidence in financial institutions through greater transparency, better risk management and appropriate regulation.

"We need to ensure that a financial crisis of this magnitude does not repeat itself again."

During this morning's Parliament debate on the ECB and the Eurozone, Prof. Scicluna's report was commended by ECB President Jean-Claude Trichet and EU Commissioner Olli Rehn. Prof. Scicluna focused his remarks on his own report but also on the fiscal imbalances faced by many member states, calling for "timely and decisive action".

He said:

"As Europeans we all look up to the Euro and we want it to succeed. We can make it succeed, so let's get all member states, Parliament and Commission to put heads together and find a successful path forward."