\[PROPOSAL\] European Central Bank Act



  • Proposed by Sir George Barringer, the Duke of Weselton

    PREAMBLE
    Noting that the Constitution of the European Union makes reference to a Central Bank of Europe and the Euro but that no current active bank as such exists, hereby creates, establishes, and sets the rules for the European Central Bank and its signature currency the Euro.

    Article I: Creation of the European Central Bank

    Sec 1: Hereby, we officially establish the European Central Bank as the official bank, treasury, and currency regulator of the European Union and all its member states

    Sec 2: The European Central Bank shall be separate in function and governance from this Council or any legislative body of the European Union and its members shall not be appointed or removed from office by this Council or its predecessor.

    Article II: Purposes of the European Central Bank

    Sec 1: The European Central Bank (hereafter abbreviated "ECB") shall be in charge of coining the regional currency of the European Union which shall be known as the "Euro."

    Sec 2: The ECB shall be in charge of designing the banknotes, coins, and other forms of currency used under the name of the Euro.

    Sec 3: The ECB shall work to further cooperation between national and central banks from all member nations and shall serve as a capital of foreign investment and international stock exchanges

    Sec 4: The ECB shall be able to take all necessary steps to prevent economic distress by regulating the Euro and controlling its inflation.

    Sec 5: The ECB shall not be able to expand beyond these duties nor be limited in these duties without two-thirds concurrence support of the European Council AND a simple majority of the ECB Council of Directors.

    Article III: Organization of the ECB

    Sec 1: The President of the European Central Bank shall serve as the head of the bank and shall be its chief executive. He shall be able to make executive decisions to execute orders given by the ECB Council of Directors but he may not issue new policies, change set procedure, or modify any part of the ECB without direct approval of the Council of Directors.

    Sec 2: The President of the ECB shall be a learned official who has sufficient experience in the fields of economics and trade and cannot be a current member of the Council of Directors. If he is, he must resign before he can be appointed. The Council of Directors shall choose the President of the ECB and he shall serve at their leisure. His term shall extend until the President decides he will resign or step down. However, the Council of Directors may remove the President at any time with a simple majority and appoint a new one if they feel he is doing a bad job.

    Sec 3: The Council of Directors of the ECB shall be composed of one representative from every European Union member nation that 1) has stocks or shares in the bank and/or 2) has officially adopted the Euro as their chief form of currency. If a nation simply adopts the Euro as AN ALTERNATE CURRENCY, its representative shall receive ONE VOTE. If a nation adopts Euro as its official currency (meaning its changes its NS Currency Field to "Euro"), it shall receive TWO VOTES for its member in the Council of Directors and all decisions made by the ECB Council of Directors must be supported by more than 50% of all the votes of the members present.

    Sec 4: The European Court of Justice shall have all jurisdiction over the ECB

    Sec 5: The Council of Directors shall approve the design and style of printing of the Euro and all its forms.

    Sec 6: The EBC may receive money from the European Council to maintain its facilities and the European Council may not require any favors from the EBC in return for the money.

    Sec 7: The EBC shall establish its own headquarters and shall distribute its funds throughout the central banks of all member nations.

    Sec 8: These rules may be amended any time only by joint approval of the EBC Council of Directors AND the European Council.



  • group:cid:2:privileges:mods:members

    I can see merit in this legislation but to nations like mine which are not in the Eurozone nor intend to be we don't see this as relevant legislation for the Euorpean Council perhaps bring it to the Eurozone members in the European Economic Union.


  • Commission

    This legislation is not suitable for a voluntary region. No nation should be forced to adopt a joint currency.

    The Government of Davishire is against this act.


  • ECoJ

    This may be a good draft to discuss with the Commissioner for Economics, if he ever dares to show his face in the council again. Talking about the content of the proposal itself, I agree with my Davishirian colleague: no nation should be forced to adopt the Euro. We Inimicians are proud of our "Poives", "Imperials" and "Bounties", and we will not tolerate forcibly converting to a decimal Euro system.

    Ralph Jaevons



  • We will not adopt a new currency.



  • I would like to thank Sir George Barringer for bringing forward this interesting proposed legislation. Nouvelle Picardie would be reluctant to favour it in its current form as we wish to have control over our own economic fate. There are differences among the economies of EU members and one currency or inflation rate target might nor be appropriate for all. For example if my home nation had too much debt or an economic downturn we would like the flexibility to adopt economic policies that might not be appropriate for other nations with different economic conditions. That said, I would be perfectly happy to support this legislation if participation in the Euro/ECB is voluntary.

    Cuxi Anyas



  • As Commissioner for Economics, I worked on, but unfortunately did not complete, a reform of the relationship of the Euro and if not the EEC itself, then something similar to it. I am happy to see Cllr. Barringer's interest in this issue. However, I have a number of problems with this legislation as it stands.

    Firstly, it does not deal with the Euro itself, which needs to be revisited. I'd rather a root-and-branch reform than this ECB concept being grafted on to the existing system. Moreover, I find that a lot of the text of the legislation itself is vague or undesirable:

    Montfort handed a pile of sheets of paper - copies of the text of the Act with his annotations - to an aide, who handed them round to the Councillors and submitted a copy to the Speaker for the record.

    QUOTE

    Proposed by Sir George Barringer, the Duke of Weselton

    PREAMBLE
    Noting that the Constitution of the European Union makes reference to a Central Bank of Europe and the Euro but that no current active bank as such exists, hereby creates, establishes, and sets the rules for the European Central Bank and its signature currency the Euro.

    Article I: Creation of the European Central Bank

    Sec 1: Hereby, we officially establish the European Central Bank as the official bank, treasury, and currency regulator of the European Union and all its member states [Why? Even the countries that don't have the Euro?]

    Sec 2: The European Central Bank shall be separate in function and governance from this Council or any legislative body of the European Union and its members shall not be appointed or removed from office by this Council or its predecessor. [This makes the ECB essentially unaccountable.]

    Article II: Purposes of the European Central Bank

    Sec 1: The European Central Bank (hereafter abbreviated "ECB") shall be in charge of coining the regional currency of the European Union which shall be known as the "Euro."

    Sec 2: The ECB shall be in charge of designing the banknotes, coins, and other forms of currency used under the name of the Euro.

    Sec 3: The ECB shall work to further cooperation between national and central banks from all member nations and shall serve as a capital of foreign investment and international stock exchanges

    Sec 4: The ECB shall be able to take all necessary steps to prevent economic distress by regulating the Euro and controlling its inflation. [This gives the ECB far, far too much leeway.]

    Sec 5: The ECB shall not be able to expand beyond these duties nor be limited in these duties without two-thirds concurrence support of the European Council AND a simple majority of the ECB Council of Directors.

    Article III: Organization of the ECB

    Sec 1: The President of the European Central Bank shall serve as the head of the bank and shall be its chief executive. He shall be able to make executive decisions to execute orders given by the ECB Council of Directors but he may not issue new policies, change set procedure, or modify any part of the ECB without direct approval of the Council of Directors.

    Sec 2: The President of the ECB shall be a learned official who has sufficient experience in the fields of economics and trade [What do we mean by 'sufficient'? And why do we need this? Do we not trust the Council of Directors to choose someone suitable?] and cannot be a current member of the Council of Directors. If he is, he must resign before he can be appointed. The Council of Directors shall choose the President of the ECB and he shall serve at their leisure. His term shall extend until the President decides he will resign or step down. [Not accountable enough.] However, the Council of Directors may remove the President at any time with a simple majority and appoint a new one if they feel he is doing a bad job.

    Sec 3: The Council of Directors of the ECB shall be composed of one representative from every European Union member nation that 1) has stocks or shares in the bank and/or 2) has officially adopted the Euro as their chief form of currency. If a nation simply adopts the Euro as AN ALTERNATE CURRENCY, its representative shall receive ONE VOTE. If a nation adopts Euro as its official currency (meaning its changes its NS Currency Field to "Euro"), it shall receive TWO VOTES for its member in the Council of Directors and all decisions made by the ECB Council of Directors must be supported by more than 50% of all the votes of the members present. [I don't like this. It looks like a parallel European Council centred on economics, and thus undermines our existing institutions.]

    Sec 4: The European Court of Justice shall have all jurisdiction over the ECB

    Sec 5: The Council of Directors shall approve the design and style of printing of the Euro and all its forms.

    Sec 6: The EBC [ECB] may receive money from the European Council to maintain its facilities and the European Council may not require any favors from the EBC in return for the money. [Unaccountable, again. Also moot, considering this protection from the Council could easily be repealed by the Council.]

    Sec 7: The EBC shall establish its own headquarters and shall distribute its funds throughout the central banks of all member nations. [In the Eurozone, perhaps. Outside, no.]

    Sec 8: These rules may be amended any time only by joint approval of the EBC Council of Directors AND the European Council. [Almost certainly unconstitutional. Certainly undermines the European Council. Also, there's no reference at all to the Economics Commissioner in this - surely he should have at least something to do with this?]

    Though in any case I don't support this act's passage, but rather see it as a good starting point for part of a future, more comprehensive reform of the EU's economic side - on which I hope to work with Cllr. Barringer - I would still like to move for an amendment to strike Article III, Sec 8 from the act. This would at least remove my, and probably the ECoJ's, most egregious objection to the act, in the event it did pass.



  • OOC: Do we have an economic committee and a Eurozone already established?



  • Northern Caesarea is happy with the Peseta and there is no project to change our currency, which is one of the strongest and more reliable in Europe. The Federal Government is also very clear in the defense of the autonomy and independence of the Banco de la Naci?n in establishing the most convenient monetary policy for our country.

    Hugo Basescu
    European Council Delegate



  • QUOTE (Weselton @ April 7th, 2014 - 22:43)

    OOC: Do we have an economic committee and a Eurozone already established?

    ((Not really. There's a European Economic Community, which is entirely independent of EU law, and there's a Eurozone that I think is also independent of EU law. Unfortunately, most of both institutions' leaders and members are either gone or not as active as they once were.))



  • [OOC: I just realized that this is still active. Regardless of sentiment or Council inactivity, it is a valid proposal and remains open even though the phases open and close automatically, as there hasn't been any voting.]

    We need to vote on Councillor Montfort's amendment that drops Article III, Section 8 from the bill. Consider the amendment voting phase to close on April 25th at 7:17 GMT and final voting to close on April 28th at 7:17.

    I, Acwellan Devoy, on behalf of the Duxburian Union, vote FOR the amendment.


  • Commission

    Davishire does abstain from voting for or against any amendments



  • may I point out to the councillor of davishire that you are trying to force capital punishment from the region, while you are against a joint currency because it goes against the freedoms of the states? seems hypocritical to me councillor.



  • I, Hugo Basescu, on behalf of the Federal Republic of Northern Caesarea, vote AGAINST the amendment.



  • I, Peter Montfort, on behalf of the Apostolic Kingdom of Angleter, vote FOR the amendment.


  • ECoJ

    "On behalf of the Empire of Inimicus, I vote FOR the amendment"

    Ralph Jaevons


  • group:cid:2:privileges:mods:members

    Os Corelia ABSTAINS form voting on this amendment with intent to vote against the final bill



  • With 2 votes for, 0 votes against, and 2 abstentions, the amendment is passed. The final form of the bill does not include Article III, Section 8, and voting on it is open.


  • Commission

    On behalf of the Commonwealth of Davishire I vote Against this bill


  • group:cid:2:privileges:mods:members

    Os Corelia votes AGAINST this bill


Log in to reply
 

Looks like your connection to NS European Union was lost, please wait while we try to reconnect.