Lagarde will herself will kick off the town-hall events — dubbed the “ECB Listens” after a similarly branded event run by the US Federal Reserve last year — in Brussels on 26 March. Each of the eurozone’s 19 national central banks has been told to hold at least one such meeting, which will mostly take place in the first half of the year.
“We want to listen to the views, expectations and concerns of the public with an open mind,” Lagarde said in a statement.
The initiative illustrates a marked change in style for the ECB under Lagarde, a former politician with a penchant for public relations who took over from Mario Draghi as president of the euro zone central bank in November.
It is also an indication of the quandary the ECB finds itself in over the adequacy of the inflation data it has used to justify trillions of euros worth of monetary stimulus to support Europe’s economy.
The ECB launched its review last month, a deep dive into the bank’s foray into unconventional policy following the euro zone debt crisis that is likely to bring a redefinition of its inflation target.
Six central bank sources who spoke to Reuters last week were unanimous in believing that input from the public was unlikely to sway deliberations on how to reset the ECB’s definition of price stability, currently worded as an inflation rate “below, but close to 2%”.
But the sources, who spoke on condition of anonymity because the ECB’s deliberations are private, said consultations with audiences ranging from students to clergy meant the ECB was unlikely to make any communication about its new goal until later in the year.
“It would look pretty awful if we put out substantial communication on the review in June because that would mean we are not taking the feedback seriously,” said one of them.
Policymakers are keen to understand why perceptions of inflation among businesses and households are so high and why salary growth in the euro zone is comparatively sluggish.
“Representatives of a wide range of regional and consumer organisations, as well as social partners, will have the opportunity to share their views on the ECB’s policies,” the ECB said on Monday.
Euro zone central bankers will also try to explain the ECB’s activities in simpler language, in line with the personal style of Lagarde, a former French finance minister and ex-head of the International Monetary Fund.
“There is a covert goal of spreading the ECB’s message to the people,” one of the sources said. “It’s an experiment in a new communication approach.”
EU has not yet ordered more AstraZeneca vaccines, says internal market commissioner
The European Union has not yet made any new orders for AstraZeneca (AZN.L) vaccines beyond June when their contract ends, European Internal Market Commissioner Thierry Breton (pictured) said on Sunday (9 May).
The Commission last month launched legal action against AstraZeneca for not respecting its contract for the supply of COVID-19 vaccines and for not having a “reliable” plan to ensure timely deliveries.
"We did not renew the order after June. We’ll see what happens," said Breton, adding that it was "a very good vaccine".
Concerns has risen on potential side-effects of the Anglo-Swedish COVID-19 vaccine.
Europe's medicines regulator said on Friday it is reviewing reports of a rare nerve-degenerating disorder in people who received the shots, a move that comes after it found the vaccine may have caused very rare blood clotting cases. Read more.
Breton said an increase in prices for second generation vaccines could be justified by the extra research required and potential changes to industrial equipment.
The European Union signed a new contract with Pfizer-Biontech to receive 1.8 billion doses of COVID-19 vaccines for 2021-2023, to cover booster shots, donations and reselling of doses, the European Commission said on Friday (7 May). Read more.
“There may be a little extra cost but I will let the competent authorities unveil it in due course,” he told France Inter radio.
Conference on the Future of Europe: Make your voice heard
The Executive Board approved on 9 May the Rules of Procedure that set out the composition of the Plenary of the Conference on the Future of Europe, and how it will work.
The text approved on Europe Day 2021 will complete the rules determining how the Conference Platform, Panels and Plenary can transform citizens' priorities, hopes and concerns into actionable recommendations. It adds to the rules previously adopted concerning the working methods of the Executive Board and those related to citizens' participation.
On the same day, the European Parliament in Strasbourg hosted the inaugural event of the Conference on the Future of Europe. Watch it here.
Ensuring that citizens' input will be taken into account
The Conference Plenary will be composed of 108 representatives from the European Parliament, 54 from the Council (two per member state) and three from the European Commission, as well as 108 representatives from all national Parliaments on an equal footing, and citizens. 108 citizens will participate to discuss citizens' ideas stemming from the Citizens' Panels and the Multilingual Digital Platform: 80 representatives from the European Citizens' Panels, of which at least one-third will be younger than 25, and 27 from national Citizens' Panels or Conference events (one per member state), as well as the president of the European Youth Forum.
Some 18 representatives from both the Committee of the Regions and the European Economic and Social Committee, and another eight from both social partners and civil society will also take part, while the High Representative of the Union for Foreign Affairs and Security Policy will be invited when the international role of the EU is discussed. Representatives of key stakeholders may also be invited. The Conference Plenary will be gender-balanced.
Their exchanges will be structured thematically around recommendations from the Citizens' Panels and input gathered from the Multilingual Digital Platform. The Platform is the single place where input from all Conference-related events will be collected, analysed and published. In due course, the Plenary will submit its proposals to the Executive Board, who will draw up a report in full collaboration and full transparency with the Plenary and which will be published on the Multilingual Digital Platform.
The final outcome of the Conference will be presented in a report to the Joint Presidency. The three institutions will examine swiftly how to follow up effectively to this report, each within their own sphere of competences and in accordance with the Treaties.
Parliament's Co-Chair of the Executive Board Guy Verhofstadt said: “We want to create real momentum from the bottom up. The Conference will be much more than a listening exercise, but a way to truly include citizens in mapping out our shared European future. The foundations have been laid: digital and deliberative democratic experiments that have never been tried on an EU-wide scale. We will guarantee that their concerns and proposals will then get a political answer. It's new and exciting, and it starts today.”
The Portuguese Secretary of State for EU Affairs and Co-Chairwoman from the Presidency of the Council of the EU, Ana Paula Zacarias, said: “Coming from Porto to Strasbourg, to celebrate Europe Day and the launching of the Conference on the Future of Europe, the words of President Mario Soares came to my mind when back in 1976 he defended: ‘to rethink Europe and its future is a permanent duty of all Europeans. A joint endeavour that needs to be taken forward with humbleness facing the historic relevance of our common goals."
Commission Vice President for Democracy and Demography and Co-Chairman Dubravka Šuica, said: “This Conference is an unprecedented exercise for the EU. We are creating a space where citizens can debate on a par with elected representatives to spell out the future of Europe. This has never been tried before, but we are confident that this will strengthen both our European Union and our representative democracy. And there is no better date to celebrate that than on 9 May.”
The Executive Board will soon set the date for the first Conference Plenary meeting. Preparations for the Citizens' Panels are underway, while the number of participants and events on the Conference's Multilingual Digital Platform continue to grow. The Conference is committed to give maximum space to young people and in this vein, preparations for the European Youth Event organised by the European Parliament in October also continue.
EU calls on US and others to export their vaccines
The European Commission called on Friday (7 May) on the United States and other major COVID-19 vaccine producers to export what they make as the European Union does, rather than talk about waiving intellectual property rights to the shots.
Commission head Ursula von der Leyen told a news conference on the sidelines of a summit of EU leaders that discussions on the waiver would not produce a single dose of COVID-19 vaccine in the short- to medium-term.
"We should be open to lead this discussion. But when we lead this discussion, there needs to be a 360 degree view on it because we need vaccines now for the whole world," she said.
"The European Union is the only continental or democratic region of this world that is exporting at large scale," von der Leyen said.
She said about 50% of European-produced coronavirus vaccine is exported to almost 90 countries, including those in the World Health Organization-backed COVAX program.
"And we invite all those who engage in the debate of a waiver for IP rights also to join us to commit to be willing to export a large share of what is being produced in that region," she said.
Only higher production, removing exports barriers and the sharing of already-ordered vaccines could immediately help fight the pandemic quickly, she said.
"So what is necessary in the short term and the medium term: First of all vaccine sharing. Secondly export of vaccines that are being produced. And the third is investment in the increasing of the capacity to manufacture vaccines."
Von der Leyen said the European Union had started its vaccine sharing mechanism, citing delivery of 615,000 doses to the Western Balkans as an example.
Environment5 days ago
EU Cohesion policy: €84 million for urban wastewater treatment plant in Marathon, Greece
Agriculture5 days ago
Commission extends flexibilities of Common Agricultural Policy checks for 2021
coronavirus5 days ago
Education: Commission launches expert group to step up investment in education in times of COVID-19
COVID-194 days ago
EU launches new strategy to develop therapeutic treatments for COVID-19
Environment5 days ago
EU sets plan to promote rapid green transition of key industries
EU5 days ago
European Globalization Adjustment Fund: helping redundant workers
UK4 days ago
European Commission calls for calm over Jersey fishing dispute
Defence4 days ago
Defence: Is the EU creating a European army?