European Central Bank staff slam Lagarde's leadership in union survey
European Central Bank staff slam Lagarde's leadership in union survey

Christine Lagarde, president of the European Central Bank (ECB).

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European Central Bank President Christine Lagarde acquired a harsh evaluation in a union-run worker survey, with some staff accusing her of fostering a damaging environment and specializing in her personal profession.

Many respondents mentioned Lagarde spends “an excessive amount of time on subjects unrelated to financial coverage” and forays too usually into political dialogue, the ECB union IPSO mentioned alongside the outcomes launched Monday.

Just over half of the practically 1,100 respondents rated Lagarde’s efficiency as far as “very poor” or “poor.” The ECB has greater than 3,500 workers.

The survey was performed between Dec. 12 and Dec. 22, 2023, across the mid-point of Lagarde’s eight-year time period.

The former International Monetary Fund chief and French finance minister took on the job spearheading euro zone financial coverage in November 2019. She has overseen a record run of rate of interest hikes because the central financial institution battles inflation which spiked to a excessive of 10.6% in October 2022.

Lagarde was rated barely extra favorably on questions particularly associated to coverage — with 38.4% saying they “strongly agree” or “agree” with selections taken underneath her leadership, and 27.6% agreeing that she has made good use of ECB staff experience.

But staff had been divided on whether or not she had communicated financial coverage successfully; and 53.5% disagreed that she was the “proper president for the ECB on the present juncture.” CNBC has contacted the ECB for a response.

In feedback offered to Reuters, an ECB spokesperson referred to as the survey flawed. They mentioned it included subjects which the physique’s Governing Council and Executive Board are answerable for, not solely the president, which they mentioned had been “not inside IPSO’s remit.”

‘Negative environment’

Dissatisfaction was reported with varied inside ECB issues, together with workload, wages, profession development and variety insurance policies.

IPSO mentioned that whereas this will likely partially clarify assessments of Lagarde’s presidency, her predecessors Jean-Claude Trichet and Mario Draghi had acquired optimistic assessments of their exterior efficiency regardless of inside complaints, whereas she didn’t.

Qualitative feedback “usually” described Lagarde as being “an autocratic chief” who doesn’t essentially act in accordance with the values she proclaims, IPSO mentioned. Respondents reportedly mentioned her leadership type had instilled a “damaging environment” in the central financial institution.

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IPSO mentioned there was additionally a notion amongst staff that Lagarde was utilizing the position to additional her private picture and doubtlessly put together her subsequent profession transfer.

The European Central Bank’s newest financial coverage determination is due Thursday with Lagarde resulting from converse at a press convention shortly afterward.

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