Committee on Economic and Monetary Affairs
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The Committee on Economic and Monetary Affairs (ECON) is a committee of the European Parliament.
Since Economic and Monetary Union (EMU), the most important function of this Committee (EMAC) has been in relation to the European Central Bank (ECB). Although guaranteed independence under the Treaty, the ECB is accountable for its actions to EMAC. Every three months, the President of the Bank, or occasionally his deputy, appears before the Committee to report on monetary policy, both actions taken, and future prospects. He then answers question from MEPs. These proceedings are televised; and a verbatim report appears immediately on both the Parliament and ECN websites.
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