The European Central Bank’s (ECB) staff are reportedly protesting what they call “anti-democratic practices” at the Frankfurt institution.
According to The Financial Times, the staff committee of the bank sent a note to ECB president Christine Lagarde addressing “widespread complains of favoritism and high burnout rate as well as the vulnerability of colleagues who work under temporary contracts.”
Carlos Bowles wrote the letter accusing that the ECB had become an “unaccountable legal fortress.”
Bowles criticizes Lagarde for her public support of Europe’s Rule of Law, and accuses her of not promoting the same standards.
Lagarde wrote in a blog last month that Europe’s relative stability is partly to blame for the current ripeness of the time to see the euro gain prominence globally as an important currency to hold.
The EU can be difficult to grasp from outside. Its structured, inclusive and transparent decision-making process ensures stability and certainty in policy. The EU must leverage the advantages it has in terms of the respect for law, the independence of institutions like the ECB and other comparative benefits. .”
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The ICD published the article Central Bankers At ECB Accused Of Behaving In An ‘Anti Democratic Way’, Refusing to Respect Rule of Law: A Report first.
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