Employees of the European Central Bank (ECB) are reportedly in re -saying what they say that “anti -democratic” practices are at Frankfurt.
The Financial Times reports that the bank’s personnel committee has sent a letter to ECB President Christine Lagarde who approached the “widespread complaints about favoritism, high burnout rates and the vulnerability of many colleagues who work under temporary contracts.”
Carlos Bowles, the chairman of the personnel committee, wrote the letter and accused the ECB of becoming an ‘inexplicable legal fort’.
Bowles also criticizes the public support of Lagarde for the rule of law of Europe and accuses her not to promote the same standards.
“We regret that these principles expressed outside the institution seem to get little value in the institution by its power structure.”
In a blog post last month, Lagarde argued that the moment is ripe for the euro to get worldwide fame as a competition in foreign exchange reserves, partly because of the stability of Europe.
“Admittedly, the EU is not easy to understand from outside. But the structured and inclusive decision -making guarantees checks and balances, stability and policy security. Respect for the rule of law and the independence of important institutions, such as the ECB, are critical comparators that the EU should use.”
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