15 August 2001, 11:26 ECB sees independence threatened by Bundesbank reform - report
FRANKFURT (AFX) - The European Central Bank sees its independence
threatened by the upcoming Bundesbank reform, which will allow the
German lower house or Bundestag a greater say in the future structure
of the Bundesbank, Handelsblatt reported, citing an ECB document.
The ECB is unhappy the German parliament will in future be able to
make proposals to improve the efficiency of the Bundesbank. This stands
"in opposition to the independence of the Bundesbank and the ECB," the
document said.
According to the document, the ECB also fears the president of the
Bundesbank could be himself subject to political pressure. "Such
pressure would limit the position of the president as a member of the
ECB council and the independence of its decision making organ,"
Handelsblatt cited the document as saying.
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