Maltese Labour MEP Prof Scicluna’s report on the performance of the European Central Bank was today unanimously adopted by the European Parliament in Brussels.

Prof Scicluna said, “I am delighted to secure support from all-sides of the European Parliament for my first report as an MEP. The cross-party support for my report shows that a good balance has been found.”

Prof Scicluna’s report deals with the ECB’s response to the financial crisis which has been the stiffest test for the ECB since its establishment. It also focused on ‘exit strategy’ proposals, reforms to the EU’s financial framework and the governance and accountability of the ECB. The report on the ECB is Prof Scicluna’s first Rapporteurship since his election as an MEP last June.

Commenting, Prof Scicluna said, “Above all, the core principles of my report are that we must restore public confidence in financial institutions through greater transparency, better risk management and appropriate regulation. We need to ensure that a financial crisis of this magnitude does not repeat itself again.”

During this morning’s Parliament debate on the ECB and the Eurozone, Prof Scicluna’s report was commended by ECB President Jean-Claude Trichet and EU Commissioner Olli Rehn. Prof Scicluna focused his remarks on his own report but also on the fiscal imbalances faced by many Member States, calling for “timely and decisive action.”

Concluding his speech, Prof Scicluna stated, “As Europeans we all look up to the Euro and we want it to succeed. We can make it succeed, so let’s get all Member States, Parliament and Commission to put heads together and find a successful path forward.”

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