European Central Bank Act 2015


  • EU

    EUROPEAN CENTRAL BANK ACT

    Proposed by United Kingdom :: Passed (4-1), June 4th, 2015 :: Unamended


    PREAMBLE

    NOTING that the Constitution of the European Union (henceforth referred to as ?the Constitution?) is the supreme law of the land.

    EXPRESSING concern that not all constitutional requirements are being met by the current Office of Economics.

    EXPRESSING concern that the monetary policy of the European Union is the euro, and that all supranational transactions are conducted in this currency.

    NOTING that there is no place for euros to be printed, despite it being a mandate in the constitution.

    This proposal looks to bring into action the European Central Bank.


    SECTION I

    1. This Act shall establish the European Central Bank.

    2. The European Central Bank will be located in the Duchy of Europolis

    3. The European Central Bank will be a part of the Office of Economics, as expressed in the Constitution.

    4. The European Central Bank will be held responsible to the Commissioner of Economics and the European Council.

    5. The European Central Bank will be capitalized by the member nations of the European Union at a rate of .001% of GDP in a one-time transaction. The European Central Bank will return the investment at a rate of 5% interest per year.

    6. As such, the European Council will represent the shareholders.


    **SECTION II.

    1. The European Central Bank will be headed by the President of the European Central Bank (referred to as 'the President').

    2. The President will be elected to his office by members of the shareholders of the European Central Bank every 12 months.

    3. The President will have the authority to set monetary policy of the Eurozone.

    4. This includes the ability to define and implement the monetary policy for the Eurozone, to conduct foreign exchange operations, to promote smooth operation of the financial market infrastructure, authorise the issue of euro banknotes and coins by national banks, purchase national bonds.

    5. The President also has the authority to carry out orders that pertain to the aforementioned duties, known as explicit authority.

    6. The actions of the President of the European Central Bank must be approved by the shareholders of the European Central Bank. The actions must be approved by a simple majority.


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