15. Understands the BIS’s warnings about too long a period of accommodative monetary policy; follows with interest the discussions in most major central banks on the best timetable to wind down their loose monetary policies; notes that, amongst others, the Federal Reserve Board intends to depart from the present policies as soon as possible; understands that the ECB will maintain an accommodative policy stance as long as the banking sector is not fully stabilised, and spill-overs into the public sector remain a threat, a policy made possible by the low inflation rates expected over the medium term;

15. Understands the BIS’s warnings about too long a period of accommodative monetary policy; follows with interest the discussions in most major central banks on the best timetable to wind down their loose monetary policies; notes that, amongst others, the Federal Reserve Board intends to depart from the present policies as soon as possible; understands that the ECB will maintain an accommodative policy stance as long as the banking sector is not fully stabilised, and spill-overs into the public sector remain a threat, a policy made possible by the low inflation rates expected over the medium term;

‘The Commission, in cooperation with EBA and the Member States, and taking into account the contribution of the European Central Bank, shall periodically monitor whether this Directive, together with Directive 2006/49/EC, has significant effects on the economic cycle and, in the light of that examination, shall consider whether any remedial measures are justified’.

13. Notes that, as compared to the old Member States, in the new Member States more financial transactions take the form of cash rather than electronic means of payment; urges the Commission, Member States and national central banks to take this into account when preparing the changeover in the new Member States; encourages them to use the changeover to increase the number of electronic and card payments; believes that a short period of dual circulation is the best option for a successful changeover in the new Member States;

13. Notes that in the new Member States more financial transactions take the form of cash rather than electronic means of payment as compared to the old Member States; urges the Commission, Member states and national central banks to take this into account when preparing the changeover in the new Member States; encourages them to use the changeover to increase the number of electronic and card payments; believes that a short period of dual circulation is the best option for a successful changeover in the new Member States;

Hence it is very important that we should have organised and motivated a cultural revolution in Europe, for the Member States' dealings with the national central banks used not to have the democratic accountability we have now.