2024-01-28 17:06:36
The results of a survey among European Central Bank (ECB) staff showed widespread dissatisfaction with the presidency of Christine Lagarde. More than half of the respondents classified Lagarde’s performance as “very bad” or “bad”. Some expressed concern that the former head of the International Monetary Fund (IMF) “does not necessarily act according to the values he promotes”.
Lagarde spends too much time on topics unrelated to monetary policy
The European Central Bank The International and European Public Service Organization (IPSO), founded by (ECB) employees, conducted a survey. He asked staff to rate Christine Lagarde’s performance as ECB president. The survey was conducted between December 12 and December 22, 2023. Lagarde was France’s finance minister from 2007 to 2011. After that, he was the CEO of the International Monetary Fund (IMF) between 2011 and 2019.
50.6% of the 1,159 respondents rated Lagarde’s performance in the first half of her eight-year mandate as “very bad” or “bad”. IPSO also revealed that many respondents were particularly disappointed that Lagarde “spends too much time on non-monetary policy issues” and too often participates in political debates.
53.5% of the respondents did not agree that “he is the right president for the ECB in the current situation”. Some respondents expressed concern. Lagarde is believed to be using the ECB as a platform for her future political aspirations. Only 38% of respondents supported the monetary policy decisions made under Lagarde. According to one colleague:
It focused on issues beyond the ECB’s mandate at a time when inflation was at the highest level in the EU’s history.
According to the ECB spokesperson, the survey was flawed:
The President and Board are fully focused on their mandate and have implemented policies that have responded to the unprecedented events of recent years such as pandemics and wars.
In its summary of comments on the survey, IPSO noted:
Christine Lagarde is generally considered an autocratic leader who does not necessarily act according to the values she promotes.
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