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The Maltese Herald

President of the European Central Bank, Christine Lagarde, says that the decision regarding Edward Scicluna should be made by the local authorities

—

by

Mark Camilleri
in

Contrary to what Edward Scicluina stated earlier this week, it is not up to the European Central Ban Bank to make a decision on his current position as Governor of the Central Bank of Malta. In a reply provided to this website European Central Bank President Christine Lagarde has stated:

“Dear Mr Camilleri,

On behalf of President Lagarde, we would like to thank you for your communication from 29 May 2024, on the recent developments in Malta, which, among others, concern Mr Scicluna, Governor of the Central Bank of Malta and member of the ECB Governing Council.

It is the ECB’s understanding that the charges that are being brought against Mr Scicluna are not linked to his current capacity and responsibilities as Governor of the Central Bank and member of the ECB Governing Council.

The ECB fully subscribes to the rule of law and respects the powers of Member States in legal matters.

Directorate General Communications”

So, basically, Edward Scicluna doesn’t have “the power” he pretends to have, and he can’t do anything about it. If the Cabinet or the Malta Financial Services Authority ask him to resign, he should do so, as they are the ultimate regulatory and deciding authorities of his position (the actual local powers), not the European Central Bank.

 

Comments

  1. najxumandrist avatar
    najxumandrist

    In other words: the local regime appoints him, the local regime fires him.

    Reply
    1. Charles avatar
      Charles

      That was always the case..but the local regime looks after it’s mates and members!

      Reply
  2. Alfred Debono avatar
    Alfred Debono

    So another lie exposed by Edward Scicluna and co. Well done Mark

    Reply
  3. Mario Borg avatar
    Mario Borg

    It’s easy to understand that what he is accused of, took place before he became head of the Central Bank of Malta. I am sure he knows this.

    Reply
  4. Dejjaqtuni avatar
    Dejjaqtuni

    Ma min qieghed tahseb li qed titnejjek Edward Scicluna! Largarde kixfitlek sormok bil gideb u bil qerq tieghek! Pulicinell kollok!

    Madonna tal hniena, ma tisthiex minn Alla li halqek Scicluna! Jaqaw ha tohodom mieghek dawk il mijiet ta’ eluf li ghandek meta jaghlaqlek ic-cens?!

    Tiftakara dik il-famuza ‘Rock Opera’, Gensna fi-tmenijiet?! Tiftakara?!

    Sewwa qalet Daphne Caruana Galizia, “GENSNA TAL-LABOUR: From ?Mitna Ghal Barrani? to ?Nbieghu Passaporti Lil Barrani”

    Apparti l-fatt li hxejtu l-isem ta’ Malta w il Poplu taghha f’sormu bil korruzjoni sfrenat f’temp ta’ ghaxar snien!!

    Tkellem issa Sur Gvernatur tal Bank Centrali w ex Ministru tal Finanzi, jewilla pappagal u bicca ‘Yes Man Laqi’!

    Reply
  5. “Inability to perform your functions in office” includes your function to deliver your job on a daily basis – Mark Camilleri avatar
    “Inability to perform your functions in office” includes your function to deliver your job on a daily basis – Mark Camilleri

    […] various technical details of the Central Bank Act, apart from other laws and regulations that make Edward Scicluna’s position as Governor of the Central Bank incongruent with the […]

    Reply
  6. xaman02 avatar
    xaman02

    Very dismissive of the ECB.

    If, for example, someone charged with molesting children is found among the teachers in a children’s school, it is up to the school authorities to remove him. But what if he’s not removed. Do the parents just sit there and accept the situation like the ECB appears to be doing in this case.

    The truth of the fact is that the ECB and most European institutions are as corrupt and immoral as they get.

    Reply
  7. K. Mifsud avatar
    K. Mifsud

    I’m a specialist in European and monetary law and used to be a member of the ECB’s legal committee. Your conclusion is legally not correct, for another reason. The independence of the governor of the central bank is guaranteed by both the CBM act and the EU treaties. Local authorities cannot force him to resign because that would breach EU and ESCB law (the TFEU Treaty and the ESCB statue to be precise) which is the higher law here. There’s significant ECJ case law about the independence of national central bank governors you should look into (and that I could refer you to) because it goes in the opposite direction of your conclusion.

    And to be clear, I think Scicluna should obviously resign because he’s a criminal suspect and charged with fraud and that’s completely incompatible with his position. However, that does not change the fact that central bank independence is guaranteed both be the CBM act and the EU Treaties, the highest law of the land, and he is absolutely not subject to local authorities and any forced resignation by national authorities would be a very serious violation of the Treaties.

    If you actually want to know more about this subject, search for and read the various documents about central bank independence you can find on the ECB’s website – they describe the applicable legal framework.

    Reply
  8. Sacked, but still getting paid – Mark Camilleri avatar
    Sacked, but still getting paid – Mark Camilleri

    […] You can also read the European Central Bank’s replies to this issue here. […]

    Reply

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