ECB employees are sounding the alarm, claiming the institution is operating in an undemocratic manner and disregarding the rule of law.
Staff Complaints and Accusations
The ECB’s staff committee fired off a letter to President Christine Lagarde, outlining widespread concerns. These include favoritism, extremely high burnout rates, and the precarious position of many temporary staff. Committee chair Carlos Bowles went further, calling the ECB an “unaccountable legal fortress.” He criticized Lagarde’s public pronouncements on upholding the rule of law in Europe, pointing out a stark contrast between her words and the bank’s internal practices. Bowles stated that the principles Lagarde champions externally seem to be ignored within the ECB’s power structure.
Lagarde’s Public Stance
In a recent blog post, Lagarde argued that the euro is poised for global growth, partly due to Europe’s stability and adherence to the rule of law. She highlighted the EU’s structured decision-making process and the independence of key institutions like the ECB as major strengths.
The Discrepancy
The staff’s accusations directly contradict Lagarde’s public image of the ECB as a pillar of European stability and adherence to the rule of law. The contrast between the internal complaints and Lagarde’s external statements has created a significant internal conflict and raised questions about the ECB’s operational transparency and accountability.