From POLITICO · · 1m 30s
Lagarde's book plug raises ethics questions at ECB
ECB staff question whether the bank's president breached ethics rules by promoting her memoir at an official press conference.
In brief
ECB staff question whether the bank's president breached ethics rules by promoting her memoir at an official press conference. ECB staff are asking whether President Christine Lagarde violated ethics standards by promoting her book at a monetary policy press conference, raising concerns about double standards between…
Lagarde promotes book at ECB press conference
ECB President Christine Lagarde mentioned her forthcoming memoir, Lady First, during a monetary policy press conference on September tenth. She told reporters to buy the book.
“I strongly encourage you to buy the book.”
Staff raise ethics concerns with compliance officer
The ECB's staff committee wrote to the central bank's chief compliance officer on October ninth, questioning whether Lagarde breached the ECB's code of conduct and raising concerns about potential double standards.
Staff want clarity on ethics rules
Staffers asked whether writing and publishing the book falls within Lagarde's occupation under Article eleven point one of the ECB's statutes, and whether the manuscript was vetted for confidential material.
ECB says Lagarde received approval
An ECB spokesperson said Lagarde informed the Ethics Committee and Compliance Officer about the book project and received approval. The book is a private activity carried out in her own time without using ECB resources.
Book fuels speculation about Lagarde's future
The book plug has sparked speculation that Lagarde may leave the ECB before her official term ends in October next year. Lagarde has declined to commit to staying for the full term.
What to remember
ECB staff are asking whether President Christine Lagarde violated ethics standards by promoting her book at a monetary policy press conference, raising concerns about double standards between leadership and staff rules.
