European Finance Agency Act 2014
"Fellow councillors, I am presenting this bill to you today in order to fill a void that is left by the absence of the now defunct European Central Bank. The Commissioner for Economics and I alongside other persons have worked hard write this bill and present it to you for today. I do therefore propose that debate does start now. I do hand over to the speaker to continue"
European Finance Agency Act 2014
Authored Jointly by Rt Hon Sir Eric Pickles CEDM and Cllr Nicola Heaven with advice from Edward Firoux
Proposed by Councillor Nicola Heaven
Section 1- European Finance Agency
1- This act does hereby set up a European Finance Agency
2- The organisation of this Agency will be that as is set out in Section 2 & 3
3-The role of this Agency will be as set out in Section 4
4-The restrictions placed upon this agency are as set out in Section 6
5-The European Finance Agency shall replace any defunct European Central Bank set out within the European Constitution
Section 2-Organisation & Leadership
1-The European Finance Agency is under the control of the Commissioner for Economic Affairs
1a-The Commissioner for economic affairs has the authority to place for election
up to two deputies to assist in the running of the agency. These deputies shall be
known as European Financial Officers as set out in Section III
2- The European Finance Agency shall be located in Europolis, an independent body within the EU
3- The European Finance Agency shall be funded and covered entirely by the European Union budget. This is to ensure that the European Finance Agency will be able to conduct its work properly.
3a- The funds needed by the European Finance Agency will be set out by the
Section 3-Financial Officers
1- The position of Finance Officer is a position elected by the European Council. They shall hold the title of European Financial Officer
2- There shall be 2 financial officers. A chief financial officer and a Minor Financial Officer
2a- Each financial officer shall conduct duties as instructed by the European Commissioner
within the boundaries of this act
3-The Term of Office for financial officers shall be for 1 year, with no maximum number of terms in office
Section 4 - Roles and Responsibilities
1- This act does set out the following Statutory Obligations upon the European Finance Agency;
2-The European Finance Agency is responsible for ensuring that all member states of the European pay the correct fee for membership of the union.
2a- This shall include pre-calculation of each member states contribution in line with EU
requirements prior to the release of the EU budget
2b- The European Finance Agency has the authority to take member states who fail
to pay membership fees to court within the European Council.
3- The European Finance Agency shall then also be responsible for ensuring that any surplus is returned to those member states
4- The European Finance Agency shall be responsible for monitoring the health of the European Union
4a- This shall include reporting on the state of each member states economy at least
every quarter year (Jan-Mar/Apr-Jun/Jul-Sep/Oct-Dec)
5- This act does also set out the following non-statutory responsibilities for the European
6- The European Finance Agency has the authority to provide credit ratings to member states of
7- If requested by a member state, the European Finance Agency may provide economic advice to
it in order to assist in that member states economic affairs
7a- The European Finance agency is restricted in this affair under Section 5(1)
Section 5- Accountabilities
1- The European Finance Agency is directly responsible to the European commission
1a- It is the Chief Financial Officer who is responsible for ensuring that the agency completes
its statutory obligations.
Section 6 - Restrictions
1- The European Finance Agency does not have the authority to regulate member states economic
1a- This does not however restrict the ability of the European Finance Agency to advise
a member state on economic affairs if requested to do so by a European Union member
Section 7- Implementation Timescale
1- The European Finance Agency will be open from the 1st January 2014 with the first elections taking place within 2 weeks prior of that date.
Councillor James Tournay of Poretos was the first to stand. "Firstly I would like to congratulate Councillor Nicola Haven and the Co-Authors for a very well written bill. However I feel the vagueness about the roles of the Financial Officers could lead to there misuse or a waste of resources with two people.doing one persons job.
groot belgie supports this
This bill is an excellent step in the right direction. The EU's economic institutions require lots of reform. I'm not just saying this because I helped advise on what needed to be included and excluded from this bill, but because I think this legislation is desperately needed and way overdue.
Councillor Tournay, this bill seeks to replace the current Central Bank of the European Union. Our Central banks exists within our constitution, but it's role and responsibilities are non-existent and the organisation it's self is defunct. Not only is our current system extremely vague and inefficient, but it's existence is a myth. This agency is the opposite.
This Finance Agency's role is very clearly defined: it will make sure that all member states of the EU are properly contributing their membership fees to the EU, and it make sure that all surpluses are returned. At current, we have no existing structure that monitor the flow of membership contributions to and from the EU budget. It is simply assumed that that member states pay. This agency will also monitor the health of the EU's economies and publish reports each quarter. These reports will be similar to the recent ones produced by the Economics Commissioner. At current, the Economics Commissioner doesn't need to publish reports, or even remotely care about the economies of the European Union. However, this agency will make it their responsibility. This agency will grant the member states of the EU as well as the EU's institutions and governing bodies the ability to look closely at and analyse economic data and reports from all our member states. This could allow the EU to have a stronger grasp on its economic policies, and allow us to see where further economic progress is needed. This agency will also be open to consolation, and will provide advice on how to further foster economic growth in member states.
This is a lot of work. To address your concerns about this being "one person's job", Mr. Tournay, just look at the EEC. It used to publish economic data for it's members, but that job alone became too difficult for one member to bear. Never mind these extra responsibilities. Back a few years ago, the Office of the Economics Commissioner used to have it's own entire committee and even then it wasn't able to carry out it's entire work load. I can't find a single reason as to why this should be a one man's job? The two positions outlined in this bill will be under the authority of the Economics Commissioner and will report to him, so the Commissioner will carry the brunt of the work, but the help of others will be much needed and appreciated.
This is a great idea but lacks enough representation. I believe that every nation should have a representative in this agency. If the intent is to ensure financial transparency then all nations as contributors should have a seat at the table this way there is no disconnect between tax payers and a foreign other.
I think that you are missing the point here, the organisation is here to replace the idea of a European Central Bank. An organisation which never happened and is not wanted. This organisation is designed to provide a clear job role to the commissioner for economics. Assisting the commissioner with monitoring regional economic health, ensuring membership fees are paid by member states, providing credit ratings when asked and also if asked by a member state requests it provide economic advice.
Representation of individual member states is not something that in my view is required because it is merely giving a job to the commissioner for economics and is not an organisation which takes any additional national sovereignty.
I have to agree with Councillor Heaven on this one. This organisation is to be run by the Commisson - not the council. Giving every member state a "seat" in this organisation makes no sense. The transparency is already there. The Agency will only monitor the flow of money in and outo of the EU's treasurey and will monitor the health of the EU economy and publish reports on it. It clearly states it doesn't have the powers to restrict or enfoce anything on member states. What is there to be represented by other member states? This agency doesn't make decisions that require representation. If you want more representation I will kindly show you the doors to first EUBC agency and the first Highway Numbering Agency we had where literally nothing got don. Those agencies were quickly ammended to take them out of the Council's hands.
Thank you very much my fellow councillors for the elaboration. However perhaps we should leave a representation from each state for a different time. As Lady Haven states it is to replace not as much reform.
In this case what measures of accountability are in place for these financial officers if they screw up?
The European Finance Agency is responsible to the European Commission, because although it is an extension to the commission it is also a separate entity. Ultimatley however,through the Commissioner they are responsible to the European nations which elect them.
Exactly. This is would be Commission jurisdiction. We have a responsible and accountable government already set in place. If the Commissioner were to screw up, they would likely not get elected to office again, or even more severely, they could potentially be impeached.
With no amendments proposed we move straight on to final voting.
voting will end in 72 hours at 2345 GMT on the 13th November 2014
on behalf of Davishire, I Nicola heaven vote FOR this bill.
I, Edward Firoux, on behalf of the Microstate of Inquista, vote FOR this bill.
With regret I am required to withdraw this bill from the council table, this is as a result of various legal issues of which I was not aware.