PRESS RELEASE
from CORPORATE EUROPE OBSERVATORY
EU OMBUDSMAN CHIDES ECB DIRECTOR DRAGHI FOR G30 MEMBERSHIP
THE EUROPEAN OMBUDSMAN TODAY FOLLOWED CORPORATE EUROPE OBSERVATORY’S CALL
FOR EUROPEAN CENTRAL BANK (ECB) PRESIDENT MARIO DRAGHI TO SUSPEND HIS
MEMBERSHIP OF THE GROUP OF 30 (G30). HER RECOMMENDATIONS [1] ALSO INSIST
FUTURE ECB PRESIDENTS STAY OUT OF THE G30, A FINANCIAL INDUSTRY INTEREST
GROUP COMPOSED OF BANKERS FROM PRIVATE FINANCIAL INSTITUTIONS AS WELL AS
NATIONAL CENTRAL BANKS.
Corporate Europe Observatory's complaint [2] regarding Draghi's G30
membership that launched the Ombudsman's investigation underlined the vital
importance of ECB decision-making bodies avoiding - even the perception of
- conflicts of interest, as well as close association with special interest
groups.
In CEO's view, the G30 bears too great a resemblance to a lobby group
representing vested interests, which renders ECB President Mario Draghi's
membership unacceptable.
CORPORATE EUROPE OBSERVATORY’S MONETARY AND FINANCIAL POLICY RESEARCHER
KENNETH HAAR COMMENTED:
"The Ombudsman's decision is timely and very positive. President Draghi's
involvement with the Group of 30 was ill-advised from the start. Since
2016, when the ECB's mandate for banking supervision was extended, the
close ties between the President and the bankers' group has become
absolutely unacceptable.
"Imbalanced policy consultation at the European Central Bank has made the
institution vulnerable to the undue influence of financial industry
interests, especially in the aftermath of the financial crisis. Especially
groups like the G30 continue to be used by some of the biggest global banks
to push their political agenda.
"Hopefully, the ECB will implement the Ombudsman's recommendations without
hesitation. The next step will be to reform the advisory groups of the ECB,
which our research has shown to be dominated by the financial industry."
CONTACT:
Olivier Hoedeman, oliv...@corporateeurope.org, +32 (0)2 893 0930
NOTES TO EDITORS:
*
Read the EU Ombudsman's recommendations [1]on ECB President Draghi's
membership in the Group of 30.
[http://media.corporateeurope.org/sites/all/modules/civicrm/extern/url.php?u=1274&qid=172570
[1]]
*
Read Corporate Europe Observatory's analysis of the Ombudsman's
recommendations [3].
[http://media.corporateeurope.org/sites/all/modules/civicrm/extern/url.php?u=1285&qid=172570]
*
Read Corporate Europe Observatory's November 2016 complaint [2], in
response to which the EU Ombudsman's office launched its investigation.
[http://media.corporateeurope.org/sites/all/modules/civicrm/extern/url.php?u=1275&qid=172570]
*
Previous Corporate Europe Observatory analysis of the G30 [4]revealed
[4]the group to be much more than a [4]round [4]for discussion [4]. On many
occasions, the G30 has stepped in with a political agenda, led by
representatives of some of the biggest banks in the world.
[http://media.corporateeurope.org/sites/all/modules/civicrm/extern/url.php?u=1277&qid=172570
[4]]
*
In a first decision [5]on an earlier Corporate Europe Observatory complaint
on the G30 issue ( [5]2013 [5]) [5], the Ombudsman saw little reason to
act. By November 2016, the ECB's deepened involvement in monetary
policy-making and the extension of its political mandate to more
comprehensive banking supervision prompted Corporate Europe Observatory to
file a [6]second, re-newed [6] complaint [6].
[http://media.corporateeurope.org/sites/all/modules/civicrm/extern/url.php?u=1278&qid=172570
[5]]
[http://media.corporateeurope.org/sites/all/modules/civicrm/extern/url.php?u=1279&qid=172570
[6]
*
Other Corporate Europe Observatory research on the European Central Bank
includes analysis of:
*
the ECB' [7]s quantitative easing programme [7], which has favoured bond
purchases from corporations whose activities aggravate climate change.
[http://media.corporateeurope.org/sites/all/modules/civicrm/extern/url.php?u=1280&qid=172570
[7]]
*
conflicts of interest in the ECB's advisory groups [8], two-thirds of whose
members are made up of representatives from the banks and financial
institutions subject to the ECB's supervision.
[http://media.corporateeurope.org/sites/all/modules/civicrm/extern/url.php?u=1281&qid=172570
[8]]
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