1. CERT-EU is created as an autonomous inter-institutional service provider for all EU institutions, bodies and agencies and is integrated into the management structure of a Commission Directorate-General in order to benefit from the Commission`s administrative management, financial management and accounting structures. The Commission informs the Steering Committee of the administrative location of CERT-EU and any changes. At present, the European Parliament does not have a formal agreement with the European Central Bank on the framework of responsibility that makes it less visible and less accessible to civil society. This is probably one of the factors that fuels mistrust of the ECB, because citizens feel that, despite its broad powers, the Central Bank does not face real control mechanisms. The creation of a sub-committee in the current European Parliament was also mentioned, as was the Eurogroup, which is currently a sub-formation of the Ecofin Committee. This would require a simple rule change and avoid a competitive situation between two separate parliamentary assemblies. The former president of the European Commission also said he “does not understand the idea of a eurozone-specific Parliament.” [146] considering that this agreement does not undermine the responsibility of the competent national authorities vis-à-vis national parliaments, in accordance with national law; Wim Duisenberg, former president of the Dutch Central Bank and the European Monetary Institute, was the Bank`s first president. [6] While Duisenberg was the head of the EMI just before the creation of the ECB (purchase of Alexandre Lamfalussy of Belgium), the French government wanted to make Jean-Claude Trichet, former head of the French Central Bank, the first president of the ECB.
[6] The French argued that since the ECB was to have its headquarters in Germany, its president had to be French. This was rejected by the German, Dutch and Belgian authorities, who considered Duisenberg to be the guarantor of a strong euro. [7] Tensions were eased by a gentleman`s agreement in which Duisenberg was to resign before the end of his term and be replaced by Trichet. [8] The European Central Bank`s main monetary policy instrument is the credit or secured credit agreement. [69] These instruments are also used by the U.S. Federal Reserve Bank, but the Fed buys more financial assets than its European counterpart. [70] The guarantees used by the ECB are generally high-quality public and private debt securities. [69] 5. If urgent decisions are necessary for operational reasons, the Steering Committee may, on an exceptional basis, act with the agreement of the President and members representing the European Commission, the Council, the European Parliament and the oder voters concerned. 3. To the extent that there is a confidentiality agreement or contract with the partner concerned, CERT-EU may, with the agreement of the relevant element, provide information to these partners about a particular incident in an item, provided they can contribute to its analysis.
These confidentiality agreements or contracts apply legal control in accordance with the Commission`s relevant internal procedures. Confidentiality agreements or contracts do not require the prior approval of the steering committee, but its chairman is informed. This agreement does not cover or affect accountability and SSM reporting to the Council, the Commission or national parliaments. Yet, according to him, “there is no point in talking about a eurozone government if we do not say what democratic body this government will be responsible for”, a veritable eurozone parliament, to which a finance minister would be responsible, seems to be the real priority for the economist, who also denounces the lack of measures in this area. [145] In 2013, an inter-institutional agreement was reached between the ECB and the European Parliament as part of the ecb`s banking supervision.