ECB's Lagarde responds to scathing staff survey: 'I'm very proud and honored to lead the establishment'

European Central Bank President Christine Lagarde appears to be like on as she attends the European Parliament’s Committee on Economic and Monetary Affairs, at the European Parliament, in Brussels, Belgium September 25, 2023. 

Yves Herman | Reuters

President Christine Lagarde on Thursday stated she was “proud and honored” to leead the European Central Bank, after her management was slammed in a union-run survey of staff.

She was responding to a query about the findings, revealed by ECB union IPSO earlier this week, wherein greater than half of respondents rated her efficiency as far as “very poor” or “poor.”

The survey’s qualitative responses prompt some staff believed she had created a damaging ambiance at the central financial institution, and that she spends “an excessive amount of time on subjects unrelated to financial coverage,” IPSO stated.

Appearing unfazed, former politician and lawyer Lagarde stated that the ECB carried out its personal surveys in a “manner that we are able to belief.” These confirmed a majority of respondents say they’re blissful to work at the establishment, would suggest working there to a pal, and felt a mission related to their work.

The surveys are carried out by round 60% of staff, and additionally cowl wages, respect in the office and office satisfaction, she stated.

“We pay nice consideration to these technically sound responses and we act upon them, and we are going to proceed to achieve this. What retains me going is these solutions,” Lagarde instructed reporters in a briefing following the ECB’s January monetary policy meeting.

“And I’m extraordinarily proud of the staff of the ECB, and I’m very proud and honored to lead the establishment, as a result of we’re pushed by mission. Delivering value stability, however serving the Europeans, and we are going to proceed doing that,” she continued.

IPSO’s survey was accomplished by round 1,100 folks. The ECB has greater than 5,000 staff and trainees.

The union stated the responses “typically” described Lagarde as being “an autocratic chief” who doesn’t essentially act in accordance to the values she proclaims.

She was rated considerably extra poorly than her predecessors Jean-Claude Trichet and Mario Draghi, it stated.

An ECB spokesperson known as the survey “flawed” and stated it included subjects that weren’t particular to the presidency and exterior of IPSO’s remit. They additionally stated it might have been stuffed out a number of occasions by the identical particular person.

—CNBC’s SiIvia Amaro contributed to this text.

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