European Parliament approves European Central Bank's 2024 annual report

In brief

On 11 February 2025, the European Parliament adopted a resolution on the 2024 annual report of the European Central Bank (ECB). This non-binding text assesses the ECB's monetary policy and makes recommendations for the future. The vote took place by electronic roll-call, with 378 votes in favour, 233 against and 26 abstentions.

Background

Each year, the ECB publishes a report on its activities. The European Parliament examines this report and adopts a resolution expressing its position on the monetary policy conducted. The ECB is independent, but Parliament plays a role of democratic oversight. In 2024, the ECB continued its fight against inflation, while preparing for the launch of the digital euro.

What was decided

The resolution covers several aspects:

• Monetary policy: Parliament supports the ECB's efforts to bring inflation back to 2%, but stresses the need to take into account economic and social consequences.
• Digital euro: Parliament encourages the development of a digital euro, which would be a secure and accessible electronic means of payment for all, while ensuring data protection.
• Secondary objectives: beyond price stability, the ECB must also contribute to economic growth, employment and environmental protection.
• Other aspects: the text addresses ECB transparency, the fight against money laundering and the need for coordination with national fiscal policies.

Vote result

The resolution was adopted by 378 votes in favour, 233 against and 26 abstentions. This result shows majority support, but also divisions: right-wing and centre parties largely voted in favour, while left-wing groups and some nationalists voted against, criticising in particular the social impact of the interest rate hikes.

For citizens

This resolution has no direct legal effect, but it influences the decisions of the ECB and governments. Concretely, it encourages a monetary policy that aims to stabilise prices (which protects your purchasing power) while supporting employment. The digital euro, if it sees the light of day, could offer an alternative to card or cash payments, with guarantees of security and confidentiality. Finally, Parliament insists that the ECB take climate issues into account, which could steer its investments towards greener projects.