European Central Bank (ECB) staff reportedly opposed to what it was “anti-democratic” practice at Frankfurt-based institutions.
The Financial Times reports that the bank’s staff committee has sent a letter to ECB President Christine Lagarde addressing “a wide range of complaints about the goodwill, high burnout rates and vulnerability of many colleagues working on temporary contracts.”
Carlos Bowles, chair of the Staff Committee, wrote a letter, accusing the ECB of becoming an “immeasurable legal fortress.”
Bowles also criticised Lagarde’s public support for the European rule of law, accusing her of not promoting the same standard.
“I regret that these principles expressed outside the facility seem to be given little value within the institution by their power structure.”
In a blog post last month, Lagarde claimed that the moment that European stability has ripened globally as a fixture for Forex reserves.
“It is certainly not easy to understand the EU from outside. However, its structured and comprehensive decision-making ensures checks and balance, stability and policy certainty. Respect for the rule of law and the independence of key institutions like the ECB are important comparison benefits that the EU should exploit.”
Generated Image: Midjourney
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