Monday, February 13, 2017

ECB officials think that they have the obligation to explain to investors the monetary policy decisions, and the effects are beneficial for the functioning of the channel for sending the monetary policy to the real economy. The institution of the EU ombudsman is led by Emily O'Reilly, who got the vote of the European Parliament for that position in 2013. According to its mission, the Ombudsman investigates the complaints concerning the activity of various European institutions and agencies. The complaint addressed to the EU ombudsman focuses particularly on the role of Mario Draghi, who is also a member of the G30. The CEO website shows that "our studies show a severe lack of critical distance between the decision making elements of the ECB and the bankers that are members of the G30", and "as the European Central Bank has also been given the task of regulating the financial sector, any real or perceived conflicts of interests represent a major risk to the integrity of the ECB".  ECB spokesperson said that "we have a large range of regulations and instruments to avoid apparent or potential conflicts of interest".  The CEO representatives think that the current framework is not enough, because "our analyses show that the high ranking personnel of the ECB is way too close to the representatives of the banks it is supposed to oversee".   A similar complaint of the NGO was rejected in 2012, but the current Ombudsman, Emily O'Reilly, made the decision to open the investigation due to the fact that "the ECB has taken on more major responsibilities in the last few years", according to Financial Times.

No comments: