Role of the European Parliament
In its resolution of 1 December 2011 on the ECB Annual Report for 2010, Parliament ‘welcomes the determined and proactive stance taken by the ECB throughout the crisis since 2007’ and recommends a high degree of transparency in monetary policy decisions as this helps to make monetary policy more credible and effective. It also makes it easier for the public to hold the ECB to account for its policy decisions. The ECB President appears four times a year before Parliament’s ‘Committee on Economic and Monetary Affairs’ (ECON) to explain the ECB’s policy decisions and answer questions from committee members. The meetings are open to general the public. Transcripts of the President’s hearings in the ECON are published on both the Parliament and ECB websites.