The European Parliament has joined the European Commission and national governments in a publicity campaign to explain the workings of EMU and a single currency to Europe's citizens.
A new pamphlet The Single Currency and the European Parliament concentrates on explaining the role of MEPs in exercising democratic control over the new independent Central Bank and EU Finance Ministers, who will be taking the key decisions. Although Parliament's role is largely consultative, the obligation on the president of the European Central Bank and other key decision-makers to report to and respond to questions from MEPs, either in plenary or in committee, will ensure the maximum of scrutiny. During this month's debate on the British Presidency, the leader of the Party of European Socialists, Pauline Green, drew attention to the unique role played by MEPs in monitoring progress towards EMU. The European Parliament, was, she said, the only Parliament in Europe that would have a direct relationship with the European Central Bank and the introduction of the euro. In this respect it was vital in ensuring the democratic legitimacy of the new currency.
The fact that committee meetings are in public ensures a high degree of transparency. Earlier this month, for example, Sir Nigel Wicks, chairman of the EU's monetary committee, a group of national treasury officials and central bankers who usually meet in secret, appeared before MEPs from Parliament's monetary sub-committee.
The obligation to consult Parliament on implementing measures for the introduction of the single currency has ensured the widest possible discussion of the whole process. These issues include the choice of countries to participate, the appointment of the president of the Central Bank and other key officials, the arrangements for issuing coins and bank notes - where MEPs approved amendments designed to make the coins userfriendly and easily distinguishable for the blind and old people - legislation on the "growth and stability" pact, and agreements on exchange rates with other currencies.
The proposed candidate for the president of the European Central Bank and other key personnel will also appear before a Parliamentary committee. Should he or she prove not to be up to scratch, and the nomination be rejected, it is inconceivable that Council would ignore such a vote.
The Maastricht Treaty provisions on EMU provide for Council and Commission to report to Parliament on all decisions affecting a single currency, and on related economic policy guidelines.
This has ensured wide debate on monitoring national economic policy and measures taken to meet the qualifying criteria for membership. The "Growth and Stability Pact" designed to ensure that participating states do not exceed strict guidelines on government borrowing, was also subject to close scrutiny. Ministers finally accepted Parliament's view that fines imposed as a result of infringing the rules go directly into the EU budget.
The pamphlet can be obtained from Parliament's Information Offices or through the Internet, address http://www.europarl.eu.int.