Pearse Doherty (Donegal South West, Sinn Fein)
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Question 72: To ask the Minister for Finance his position on the German Government party's proposal to amend the voting procedure on the European Central Bank board from one member one vote to a weighted voting system based on the member states capital share of the ECB; and if he will make a statement on the matter. [34430/11]

Michael Noonan (Limerick City, Fine Gael)
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The voting procedure for the Governing Council of the European Central Bank is set out in the Statute of the European System of Central Banks and of the European Central Bank. Any change to the voting rights set out in Article 10 of the Statute would require the unanimous decision of the European Council, based on either a recommendation from the European Central Bank and after consulting the European Parliament and the Commission, or on a recommendation from the Commission and after consulting the European Parliament and the European Central Bank. Any amendments to the voting procedures under Article 10 cannot enter into force until they are approved by all Member States in accordance with their respective constitutional requirements. A recommendation made by the ECB under this Article requires a unanimous decision by the Governing Council. Finally, I would note that there are currently no such proposals for amendment before Member States for consideration.