Sven Giegold

ECB delegitimises its own independence

Today, the ECB published its decision on the recommendations by the EU Ombudswoman Emily O’Reilly. The Ombudswoman recommended that the ECB terminates Mario Draghi’s membership of the Group of Thirty (G30), an intransparent association of managers of big banks, central bankers and some academics. Emily O’Reilly followed a complaint from the NGO Corporate Observatory (CEO). The Ombudswoman also called for stronger transparency rules for all leading bank supervisors of the ECB (“supervisory board”).

The economic and financial spokesman for the Greens/EFA Group and European Parliament’s rapporteur for „transparency, accountability and integrity in the EU institutions“, Sven Giegold, said:

“Transgression of competences is poison for independent monetary policy. The ECB’s monetary policy enjoys independence for good reasons. Disregarding the Ombudswoman’s recommendations on ethics and integrity is a serious mistake. The ECB‘s decision fuels the doubts concerning the integrity of the European institutions.

It is outrageous to abuse the European Parliament as a witness to the ECB’s questionable decision. The European Parliament has proposed general criteria, the Ombudswoman has made a specific assessment and proposal. It remains an unacceptable transgression of competences to rise above the Ombudsman on ethical issues.”


The decision of the ECB:

The recommendations by the EU Ombudswoman:

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