Central Bankers at ECB Accused of Behaving in ‘Anti Democratic’ Way, Refusing To Respect Rule of Law: Report

Staffers at the European Central Bank (ECB) are reportedly revolting against what they say are “anti-democratic” practices at the Frankfurt-based institution.

The Financial Times reports that the bank’s staff committee sent a letter to ECB President Christine Lagarde that addressed “widespread complaints of favoritism, high burnout rates and the vulnerability of many colleagues working under temporary contracts.”

Carlos Bowles, the chair of the staff committee, penned the letter, accusing the ECB of becoming an “unaccountable legal fortress.”

Bowles also criticizes Lagarde’s public support for Europe’s rule of law, accusing her of failing to promote the same standards.

“We regret to see that these principles expressed outside the institution seem to be given little value inside the institution by its power structure.”

In a blog post last month, Lagarde argued that the moment is ripe for the euro to gain global prominence as a fixture in foreign exchange reserves, partially due to Europe’s stability.

“Admittedly, the EU is not easy to understand from the outside. But its structured and inclusive decision-making guarantees checks and balances, stability and policy certainty. Respect for the rule of law and the independence of key institutions, like the ECB, are critical comparative advantages the EU should leverage.”

 

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