The European Parliament backs the monetary policy carried out by the European Central Bank to guarantee price stability but warns that its effect won't last without structural reforms, budgetary discipline and productive investments in the Member States. Moreover, the risks of the ECB's unconventional measures need to be monitored carefully, the European Parliament cautions in its Annual Report on the European Central Bank.

Tom Vandenkendelaere MEP, Shadow Rapporteur and Member of the European Parliament's Economic and Monetary Affairs Committee, calls for a multi-tiered approach to stimulate growth and job creation: "We support the ECB's efforts to increase inflation to under but close to 2%, and its policy to increase the supply of money is slowly yielding results. However, we should not be blind to the risks of this approach and carefully monitor for negative side effects. In addition, Member States should deliver on their part and carry through the necessary reforms and productive investments to boost economic growth and employment."

Tom Vandenkendelaere is appreciative of the ECB's efforts to increase transparency and maintain close ties with the European Parliament: "Thanks to the ECB's efforts on greater transparency, most central banks are now in the habit of explaining important monetary decisions to the wider public."