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European Parliament EUROPEAN PARLIAMENT ««« « « « « 1999 « « 2004 ««« Session document 24 April 2002 FINAL A5-0146/2002 REPORT on the appointment of Mr Lucas Papademos as Vice-President of the European Central Bank (7267/2002 - C5-0186/2002 - 2002/2063(NOM)) Committee on Economic and Monetary Affairs Rapporteur: Christa Randzio-Plath RR\314943EN.doc PE 314.943 EN EN PE 314.943 2/26 RR\314943EN.doc EN CONTENTS Page PROCEDURAL PAGE ..............................................................................................................4 MOTION FOR A RESOLUTION .............................................................................................5 EXPLANATORY STATEMENT..............................................................................................6 ANNEX 1: CURRICULUM VITAE OF THE CANDIDATE.....................................................7 ANNEX 2: QUESTIONS AND ANSWERS..............................................................................12 ANNEX 3: OPENING STATEMENT OF THE CANDIDATE................................................24 RR\314943EN.doc 3/26 PE 314.943 EN PROCEDURAL PAGE By letter of 15 April 2002 the President of the Council consulted Parliament pursuant to Article 112(2)b of the EC Treaty on the Council's recommendation concerning the appointment of Vice-President of the European Central Bank (7267/2002 - 2002/2063(NOM)). At the sitting of 24 April 2002 the President of Parliament announced that he had referred the recommendation to the Committee on Economic and Monetary Affairs as the committee responsible (C5-0186/2002). The committee had appointed Christa Randzio-Plath rapporteur at its meeting of 26 March 2002. It considered the Council's recommendation and draft report at its meetings of 23 April 2002. At the latter meeting it adopted the motion for a resolution by 21 votes, with 1 abstention. The following were present for the vote: Christa Randzio-Plath, chairman and rapporteur; José Manuel García-Margallo y Marfil, Philippe A.R. Herzog, and John Purvis, vice- chairmen; Generoso Andria, Lutz Goepel (for Renato Brunetta), Lisbeth Grönfeldt Bergman, Christopher Huhne, Othmar Karas, Giorgos Katiforis, Piia-Noora Kauppi, Christoph Werner Konrad, Wilfried Kuckelkorn (for Mary Honeyball), Ioannis Marinos, David W. Martin, Hans-Peter Mayer, Miquel Mayol i Raynal, Mikko Pesälä (for Carles-Alfred Gasòliba i Böhm), Alexander Radwan, Bernhard Rapkay, Olle Schmidt, Bruno Trentin. The report was tabled on 24 April 2002. PE 314.943 4/26 RR\314943EN.doc EN MOTION FOR A RESOLUTION European Parliament resolution on the appointment of Vice-President of the European Central Bank (7267/2002 - C5-0186/2002 - 2002/2063(NOM)). The European Parliament, − having regard to the Council's recommendation of 15 April 2002 (7267/2002), − having been consulted by the Council pursuant to Article 112(2)b of the EC Treaty (C5-0186/2002), − having regard to Rule 36 of its Rules of Procedure, − having regard to the report of the Committee on Economic and Monetary Affairs (A5- 0146/2002), A. whereas at its meeting of 22 April 2002 the Committee on Economic and Monetary Affairs heard Mr Lucas Papademos, the Council's nominee for the office of Vice- President of the European Central Bank, and at its meeting of 23 April 2002 considered the nominee's qualifications in the light of the criteria laid down by Article 112 of the EC Treaty, 1. Delivers a favourable opinion on the appointment of Mr Lucas Papademos to the office of Vice-President of the European Central Bank; 2. Instructs its President to forward this opinion to the President of the Council, for forwarding to the governments of the Member States. RR\314943EN.doc 5/26 PE 314.943 EN EXPLANATORY STATEMENT Introduction 1. By letter of 15 April 2002, the Council consulted the European Parliament on the nomination of Mr Lucas Papademos to be Vice-President of the European Central Bank for a term of office of 8 years). The Parliament's responsible Committee on Economic and Monetary Affairs then proceeded to evaluate the credentials of the nominee, in particular in view of the requirements laid down in Article 112 of the Treaty and in the light of the need for full independence of the ECB pursuant to Article 110. In carrying out this evaluation, the Committee received a CV from the candidate (see annex 1) as well as his replies to the written questionnaire that was sent out to him. (see annex 2). The Committee subsequently held a two hour hearing with the nominee on 22 April 2002, at which he made an opening statement (see annex 3) and then responded to questions from members of the Committee. (The full transcript of the hearing is available both in paper form and on the committee's Internet site.) Evaluation 2. The rapporteur considers that the nominee's record demonstrates that Mr Papademos is an excellent candidate in terms of the main requirements laid down in the Treaty, namely personal integrity and recognized standing and professional experience in monetary and banking matters. All this was amply confirmed by the nominee's replies at the committee hearing on 22 April. 3. The rapporteur also notes that the hearing was especially useful in showing the nominee's specific approach, in particular his balanced judgement, his openness to the European Parliament's position on democratic accountability and transparency, and his commitment to pursuing and enhancing the dialogue between the two institutions. PE 314.943 6/26 RR\314943EN.doc EN Annex 1: Curriculum vitae of the candidate CURRICULUM VITAE Lucas D. Papademos Personal Date of birth: 11 October 1947 Place of birth: Athens, Greece Family status: Married to Jeanne H.M. Ingram since 1977 Education 1966 High school certificate, Athens College 1970 Bachelor of Science in Physics, Massachusetts Institute of Technology 1972 Master of Science in Electrical Engineering, Massachusetts Institute of Technology 1977 Doctor of Philosophy (Ph.D.) in Economics, Massachusetts Institute of Technology Professional career 1973 - 1975 Research Assistant and Teaching Fellow, Massachusetts Institute of Technology 1975 - 1984 Assistant and Associate Professor of Economics, Columbia University, New York 1980 Senior Economist, Federal Reserve Bank of Boston 1984 - 1985 Visiting Professor of Economics, Athens School of Economics and Business 1988 - Professor of Economics, University of Athens RR\314943EN.doc 7/26 PE 314.943 EN 1985 - 1993 Economic Counsellor (Chief Economist), Bank of Greece 1988 - 1993 Head of the Economic Research Department, Bank of Greece 1993 - 1994 Deputy Governor, Bank of Greece 1994 - Governor, Bank of Greece Other posts Member of the Governing Council of the European Central Bank (since January 2001) Member of the General Council of the European Central Bank (since January 1999) Governor of the International Monetary Fund for Greece (since October 1994) Member of the Council of the European Monetary Institute (1994 - 1998) Member of the Monetary Committee of the European Communities (1985-1988, 1990) Member of the Committee of Alternates of the Committee of the EC Central Bank Governors (1985-1993; Chairman 1989) Chairman of the Monetary Policy Sub-Committee of the Committee of the EC Central Bank Governors and, subsequently, of the Monetary Policy Sub-Committee of the Council of the European Monetary Institute (1992-1994) Chairman of the Governors’ Club, a forum comprising the governors of the central banks of sixteen south-east European and Asian countries (since January 2001) Member of the Trilateral Commission (since 1998) Member of Greece’s Council of Economic Experts (1985-1988, 1991-1994) Member of the Bid Committee for the Olympic Games – Athens 2004 (1996-1997) Member of the Board of Directors, Center for Planning and Economic Research (KEPE) (1987-1988) Member of the Scientific Council of the Greek Center of European Studies (1988-1989) Member of the Angelopoulos Committee which prepared the Report “Stabilisation and Recovery of the Greek Economy” (1989-1990) Member of the Padoa-Schioppa Committee which prepared the Report “Efficiency, Stability and Equity: A Strategy for the Evolution of the Economic System of the European Community” (1986-1987) PE 314.943 8/26 RR\314943EN.doc EN Chairman of the Advisory Board of the Hellenic Observatory at the European Institute, London School of Economics (since 1998) Decorations Grand Commander of the Order of Honor, Greece (1999) Publications Author of numerous articles and essays, including: "Targets for Monetary Policy in the Coming Year" (with Franco Modigliani), Brookings Papers on Economic Activity, vol. 1, 1975, pp. 141-165. "Sequential Open-Loop Optimal Control of a Nonlinear Macroeconomic Model" (with M. Athans et al) in Frontiers of Quantitative Economics, vol. III, edited by M.D. Intrilligator, North-Holland, 1976. "Monetary Policy for the Coming Quarters: The Conflicting Views" (with Franco Modigliani), New England Economic Review, March/April, 1976, pp. 2-35. "Optimal Aggregate Employment Policy", Doctoral Thesis, Massachusetts Institute of Technology, 1977. "Optimal Demand Policies Against Stagflation" (with Franco Modigliani), Weltwirtschaftliches Archiv, vol. 114, no. 4, December 1978, pp. 736-782. "The Structure of Financial Markets and the Monetary Mechanism" (with Franco Modigliani) in Controlling Monetary Aggregates III, Federal Reserve Bank of Boston, October 1980, pp. 111-155. "Maximum Employment Anti-Inflation Policy", Greek Economic Review, August 1981, vol. 3, no. 2, pp. 93-127. "Inflation, the International Monetary System, and Macroeconomic Discipline"
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