ECB’s next president should not be part of G30 – EU ombudsman

The European Central Bank should ensure its future presidents and top officials do not become members of the G30, the European Union’s ombudsman said on July 5.

Emily O’Reilly considers links with the private forum of bankers, economists, and policymakers “could give rise to a public perception that the independence of the ECB could be compromised”. ECB president Mario Draghi has been a member since before he assumed his current position in 2011.

The watchdog points out the members of the G30 board of trustees are not known and suggests “the ECB should publish the names of the members… on its website”.

The ombudsman initiated an investigation into Draghi’s membership of the G30 in January 2018 and in April recommended the president should abandon the forum before his term expires.

The ECB rejected the non-binding recommendation. It argued participating in the G30 provides the institution with insights on economic and financial developments.

O’Reilly finds the central bank’s reply unsatisfactory. She thinks the ECB remains “in denial regarding the implications of the membership of its president in the G30”, adding that the ECB “refused to improve its applicable rules and procedures”.

As a result, she closes her inquiry “by confirming her findings of maladministration.”