Editing European Central Bank (section)

=== Secondary mandate ===
Without prejudice to the objective of price stability, the Treaty (127 TFEU) also provides room for the ECB to pursue other objectives:<blockquote>Without prejudice to the objective of price stability, the ESCB shall support the general economic policies in the Union with a view to contributing to the achievement of the objectives of the Union as laid down in Article 3 of the Treaty on European Union.<ref>{{cite web|title=ECB: Monetary Policy|url=http://www.ecb.int/ecb/tasks/html/index.en.html|access-date=14 September 2014}}</ref></blockquote>This legal provision is often considered to provide a "secondary mandate" to the ECB and offers ample justifications for the ECB to also prioritize other considerations such as full employment or environmental protection,<ref>Blot, C., Creel, J., Faure, E. and Hubert, P., [https://www.europarl.europa.eu/cmsdata/207721/OFCE_FINAL2%20online.pdf Setting New Priorities for the ECB’s Mandate], Study for the Committee on Economic and Monetary Affairs, Policy Department for Economic, Scientific and Quality of Life Policies, European Parliament, Luxembourg, 2020.</ref> which are mentioned in the Article 3 of the Treaty on the European Union. At the same time, economists and commentators are often divided on whether and how the ECB should pursue those secondary objectives, in particular the environmental impact.<ref>{{Cite web|url=https://www.igmchicago.org/surveys/objectives-of-the-european-central-bank/|title=Objectives of the European Central Bank|access-date=2020-11-25|website=www.igmchicago.org}}</ref> ECB official have also frequently pointed out the possible contradictions between those secondary objectives.<ref>"Certainly, the protection of the environment is not the only transversal objective assigned to EU institutions and hence to the ECB. Under the Treaty, one could equally ask, for example, why the ECB should not promote industries that promise the strongest employment growth, irrespective of their ecological footprint. But equally importantly, the ECB is subject to the Treaty requirement to "act in accordance with the principle of an open market economy with free competition". – [https://www.ecb.europa.eu/press/key/date/2018/html/ecb.sp181108.en.html "Monetary policy and climate change], Speech from Benoit Cœuré, November 2018</ref> To better guide the ECB's action on its secondary objectives, it has been suggested that closer consultation with the [[European Parliament]] would be warranted.<ref>{{Cite web|title=How Can the European Parliament Better Oversee the European Central Bank? {{!}} Bruegel|url=https://www.bruegel.org/2020/09/how-can-the-european-parliament-better-oversee-the-european-central-bank/|access-date=2020-11-28|language=en-US}}</ref><ref>{{Cite news|date=2021-04-09|title=" La BCE devrait avoir un mandat politique clair qui expliciterait quels objectifs secondaires sont les plus pertinents pour l'UE "|language=fr|work=Le Monde.fr|url=https://www.lemonde.fr/idees/article/2021/04/09/la-bce-devrait-avoir-un-mandat-politique-clair-qui-expliciterait-quels-objectifs-secondaires-sont-les-plus-pertinents-pour-l-ue_6076202_3232.html|access-date=2021-04-16}}</ref><ref>{{Cite web |last1=Van't Klooster |first1=Jens |last2=De Boer |first2=Nik |date=2021-10-25 |title=New report "The ECB's neglected secondary mandate: An inter-institutional solution" |url=https://www.positivemoney.eu/2021/10/report-ecb-neglected-secondary-mandate/ |access-date=2022-05-28 |website=Positive Money Europe |language=en-GB}}</ref><ref>{{Cite web |last=Costa |first=Adua Dalla |date=2023-02-16 |title=EU Parliament offers historic solution on ECB's secondary objectives |url=https://www.positivemoney.eu/2023/02/historic-solution-ecb-secondary-objectives/ |access-date=2023-05-29 |website=Positive Money Europe |language=en-GB}}</ref> In 2023, the ECB recognised the possible role of the European Parliament in the prioritisation of its secondary objectives.<ref>"A clear prioritisation of certain economic policies by the competent EU institutions, including the European Parliament, will help to guide the ECB in its pursuit of its secondary objective. In addition, it is also relevant to the ECB’s pursuit of its secondary objective to consider factors such as the proximity of the policy to the primary objective and the ECB’s main field of expertise, as well as the degree of precision and unconditionality of those economic policies." [https://www.ecb.europa.eu/pub/pdf/other/ecb.20230525_feedback_on_the_input_provided_by_the_european_parliament~92020517af.en.pdf?dcef5730ce0bff0733e3d37013a4fec1 Feedback on the input provided by the European Parliament as part of its resolution on the ECB’s Annual Report 2021], 25 May 2023</ref><ref>{{Cite journal |last1=Ioannidis |first1=Michael |last2=Hlásková |first2=Sarah Jane |last3=Zilioli |first3=Chiara |date=2021 |title=The Mandate of the ECB: Legal Considerations in the Ecb's Monetary Policy Strategy Review |url=https://www.ssrn.com/abstract=3928298 |journal=SSRN Electronic Journal |language=en |doi=10.2139/ssrn.3928298 |issn=1556-5068}}</ref>