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CEE Bankwatch Network * Friends of the
Earth International * Reform the World Bank
Campaign
European house bank escapes
parliamentary scrutiny
Who's afraid of a properly
governed EIB?
Brussels, April 6
- A
critical report on the European Investment
Bank (EIB) was completely watered down today
during its second reading in the Economic and
Monetary Committee (EMAC) of the European
Parliament. The report from MEP Monica
Ridruejo addressed key issues such as good
governance, transparency and accountability
at the EIB, the EU's house bank. At the end
of the meeting Ridruejo voted against her own
radically altered report and in a strong
final statement [1] she withdrew her name
from it.
Five members of EMAC tabled 125
amendments. The amendments asked for the
complete deletion of 14 of the report's 32
paragraphs. Leading the way, MEP Robert
Goebbels (PSE, Luxembourg) wanted to delete
28 out of 32 paragraphs. MEP Olle Schmidt
(Liberals, Sweden) who during today's session
claimed he is for transparency, asked for
deletion of roughly half of all the
paragraphs including those asking for more
transparency on the EIB and its management.
“It is extremely alarming that the
European Parliament has voted against all of
the recommendations calling on the EU house
bank to live up to international governance
and transparency standards,” said Magda
Stoczkiewicz, leading the EIB reform campaign
for CEE Bankwatch and Friends of the Earth
International. “Important paragraphs
requiring the EIB to adopt internationally
accepted rules on good corporate governance
or to publicly disclose salaries, allowances
and other earnings of its Board of Directors
and senior managers were not acceptable to
EMAC members.”
This morning's meeting was very short and
did not allow real discussion. The tense
atmosphere was not helped by EMAC chairwoman
Ms. Randzio-Plath accusing Ms. Ridruejo of
offending other members of the committee.
While claiming that it was not Ridruejo but
other members of EMAC who introduced the
issue of governance and transparency into
EMAC's discussions, Ms. Plath led a vote
which ensured that none of the original
report recommendations on transparency and
good governance survived in the final
version.
Martin Koehler, from the Italian Campaign
to Reform the World Bank, commented, “What
MEP Ridruejo demanded of the EIB could have
been drawn from a corporate handbook. No
shareholder in a private company would object
to such demands, and no corporation would do
less in order to make its shareholders remain
confident. It is hard to understand why
European Parliamentarians should object to
such demands. Are they afraid of the EIB? If
so, we need many more critical reports on
this shadowy organisation.”
Magda Stoczkiewicz concluded, “Giving the
EIB operational carte blanche is unacceptable
and casts a shadow on this departing
Parliament.”
CONTACTS:
Magda Stoczkiewicz, CEE Bankwatch
Network/Friends of the Earth
International
Mobile +31 652 41 03 23
Martin Koehler, Campagna per la Riforma
della Banca Mondiale
Mobile in Brussels: +32 478 309894
Mobile in Italy: +39 333 5920415
NOTES FOR EDITORS:
[1] Final Statement of Monica Ridruejo
REPORT on the Activity of the European
Investment Bank,EMAC COMMITTEE, April 6,
2004.
Based on Art 161 of the EP Rules, I want
to say that:
“The Report, as amended, fundamentally
alters my Draft. Based on information
available, changes introduced are
unfounded.
An MEP limited amendments to the
transmission of EIB arguments to cover up its
defficiencies. Other MEPs seem not to
conceive that EMAC can exercise a real
control over the EIB.
No data suggests my Draft is inaccurate.
None contradicts Draft denunciations on
EIB´s serious management, transparency and
accountability defficiencies. None suggest
improvements to recommendations proposed, to
correct them. In fact, there has been no
debate on its content. Most amendments are
based on the idea that the priority is to
keep a friendly dialogue with EIB, even if at
the cost of permitting EIB to keep using the
fiction of parliamentary control as guarantor
of its practices.
I believe MEPs must promote the
construction of a solid, efficient and
transparent Europe, defending citizens´
interests, without bending to lobby pressure.
Having information on irregularities and not
denouncing them makes one an accomplice.
Detecting issues needing substantial
improvement, without recommending clear
actions to correct them, is not fulfilling
EMAC objectives and undermining European
citizens´confidence in the Parliament. I do
not want to appear as accomplice of
this attitude. I withdraw my name from this
Report.”
MONICA RIDRUEJO
MEMBER OF THE EUROPEAN PARLIAMENT.
More information on the EIB campaign and
EMAC report is available at
www.bankwatch.org
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