What changed between the draft committee report and the plenary report

17. Recalls that the Eurosystem has been built on the principle of monetary dominance;

Change 11

Changed:19.18. Highlights, in the context of the Economic and Monetary Union and the EU economic governance framework, the importance of sound and sustainable public finances in withstanding a high interesthigh-interest rate environment;environment, in complementing the ECB’s efforts to keep inflation low, in maintaining a stable economy and in remaining resilient to future economic and financial shocks;

Change 12

Removed:20. Calls on the ECB to drastically diminish its role in sovereign debt markets; regrets the inhibitive impact of the fiscal position on the ECB’s fulfilment of its primary mandate;

Added:19. Takes note of diverging TARGET2 balances stemming from cross-border transactions; notes the potential risks of TARGET2 balances becoming structural and suggests that non-monetary policy adjustments should be considered;

Removed:21. Expresses concern about diverging TARGET2 balances as an unintended consequence of the ample reserve regime; notes that it is not the task of the ECB to finance capital outflows or persistent trade deficits;

Added:20. Underlines that the ECB should consider the potential effects of climate change from a price stability perspective and from within its mandate;

Removed:22. Underlines the political nature of addressing climate change and protecting the environment;

Added:21. Notes that the concept of market neutrality is related to the principle of ‘an open market economy with free competition’; invites the ECB, while respecting its independence, to address market failures and ensure the efficient allocation of resources over a long-term horizon, while remaining as apolitical as possible, respecting market neutrality in several instances; highlights that such decisions must not be made at the expense of achieving the ECB’s mandate;

22. Notes that the ECB’s monetary policies aimed at delivering its primary mandate are subject to a proportionality assessment;

Other aspects

Change 13

Changed:24.23. Takes note of the ongoing discussions on the digital euro for both retail and wholesale purposes; stresses the importance of the role of cash;euro;

Change 14

Added:24. Welcomes the ongoing short-term (Pontes) and long-term (Appia) tracks for distributed ledger technology projects for wholesale central bank money settlement;

Added:25. Stresses the importance of maintaining the role of cash; takes note of the ongoing discussions on the proposal on the legal tender;

Added:26. Calls on the ECB to intensify the monitoring of crypto-assets, such as stablecoins;

27. Supports the ECB in its efforts to accommodate the international role of the euro through, inter alia, sufficient currency swap and repo lines;

Change 15

Removed:26. Expresses its concern at the consecutive losses made by the ECB in 2023 and 2024 due to interest rate risk;

Added:28. Welcomes the Republic of Bulgaria as the 21st member of the euro area, as of 1 January 2026;

Added:29. Expresses concern about the temporary outage of the ECB’s real-time gross settlement system T2 and T2S in February 2025; invites the ECB to closely monitor and ensure the proper functioning of the settlement systems;

Added:30. Expresses its concern at the consecutive losses made by the ECB in 2023 and 2024 due to interest rate risk; notes that these losses have not compromised the operational capacity of the Eurosystem to implement its monetary policy;

31. Supports the ECB’s role in promoting financial stability within the single supervisory mechanism and the ECB’s function as lender of last resort to solvent institutions, against good collateral and at penalty rates, to safeguard liquidity and trust during crises;

Change 16

Removed:28. Points to the need for a high degree of ambition in the work and the follow-up of the ECB High-Level Task Force on Simplification;

Added:32. Supports the ECB in its efforts to improve financial literacy in the EU;

Added:33. Welcomes the ECB’s commitment to simplification efforts, such as with the creation of the ECB High-Level Task Force on Simplification; points to the need for a high degree of ambition in the work and the follow-up of the task force and welcomes the ECB’s in-depth discussions with Parliament;

Added:34. Calls on the ECB to foster open and constructive internal dialogue; calls for the further enhancement of staff representation frameworks and the ECB’s internal whistleblowing framework;

Added:35. Reiterates that the nominations to the ECB’s Executive Board should be gender-balanced, merit and ability-based, with shortlists submitted to Parliament, and that people of all genders should have equal opportunities to serve as governors of their respective national central banks;

Added:36. Invites the ESCB to continue and strengthen its dialogues with national parliaments, which it believes would strengthen the legitimacy and policies of the ESCB;

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37. Instructs its President to forward this resolution to the Council and the Commission.