cristina lagarde

The ECB director has only moderate confidence in her own ranks.


(Photo: Reuters)

frankfurt Trust in leadership ECB-President cristina lagarde and its board of directors are among many central bank employees in a survey by the ECBunion according to IPSO currently more than moderate. According to the results, more than 40% of the 1,562 ECB employees surveyed have little or no trust in management. Slightly less than half rated their confidence in the leadership of the president and the other five members of the ECB’s Executive Board as moderate or high.

The results of the survey were sent to ECB workers in an email on Tuesday, which the Reuters news agency was able to see. The survey was organized by IPSO in connection with negotiations on wages and work-from-home arrangements in the fall. The union considers the salary increase of around 4.07 percent planned for 2023 insufficient before a inflationwhich was more than double recently in the euro area.

The survey results offer Lagarde and her leadership unflattering credentials at a time when the ECB’s fight against rampant inflation is under appeal like never before. “This is a serious matter for our institution, as no one can properly run an organization without the trust of its employees,” said IPSO.

According to the survey, many employees are also concerned about the central bank’s ability to protect their purchasing power. In the survey, 63 percent of 1,565 employees said they were concerned when asked about it. Only 24 percent were not. 13 percent responded that they could not say this. An ECB spokeswoman did not comment directly on the survey results. She referred to the central bank’s own survey of employees last year, according to which 83 percent are proud to work for the ECB and 72 percent would also recommend it.

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ECB President Lagarde, who has headed the euro central bank since late 2019, praised her Governing Board in succinct terms at a staff event last month. “If she wasn’t for them, she’d be a sad, lonely cowgirl, lost somewhere in the middle of nowhere in monetary policy,” she said, according to a December 19 recording of a public event leaked to Reuters. The ECB was recently criticized by many economists and politicians for having long underestimated rising inflation.

A similar 2019 IPSO survey of ECB employees shortly before the departure of Lagarde’s predecessor Mario Draghi found that 54.5 percent of 735 employees rated her presidency as “very good” or “excellent.” Support for monetary policy moves had been even stronger. But even then there was much criticism: ECB employees complained, among other things, about the lack of transparency in filling vacancies and the culture of favoritism.

More: The Baltic states are suffering from massive inflation

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