“The ECB has established a strong code of conduct for its senior staff and a dedicated ethics committee to ensure that ethics rules are applied appropriately and consistently on a level playing field. That is why I have received letters from Members of the European Parliament [Europeu] on this issue and I have asked the ECB Ethics Committee to investigate the matter and I will respond after receiving the Ethics Committee’s assessment,” said Christine Lagarde.
During a hearing in the European Parliament’s Committee on Economic and Monetary Affairs in Brussels, the official emphasized that “the independence of the ECB’s decision-making bodies is essential for the fulfillment of its mandate.”
“Truly independence requires that all ECB policymakers respect the highest ethical standards,” he stressed.
Christine Lagarde responded to Social Democratic MEP Lídia Pereira, who asked her whether “the ECB will ignore the violation of its code of conduct or take any action.”
For the PSD candidate, the fact that the outgoing Prime Minister António Costa has proposed to the President of the Republic that he be replaced from office by the Governor of the Bank of Portugal (BdP) and member of the Governing Council of the ECB , Mário Centeno constitutes a “flagrant violation of the code of conduct”.
“Mário Centeno is governor of the BdP after passing through the revolving door of the government in which he was Minister of Finance. Moreover, from president of the Eurogroup to member of the ECB, in 37 days. Now he has accepted the nomination by the Prime Minister of Portugal to replace him because he wants to swing the door in the opposite direction and damage the independence that has been irreparably endangered,” said Lídia Pereira.
In response to such statements, Socialist MEP Pedro Marques took the opportunity to “regret that the PSD is repeating this episode and bringing national themes to the European Parliament”.
“The BdP and its governor have not failed in any capacity, there is no doubt about their ability to do this independently. Europe should not be used to pursue a national election campaign,” he stressed.
The PSD parliamentarian criticized that “a responsible party wants to be in government [esteja] to question such an important institution over the central bank of his own country for electoral purposes”.
“Unfortunately, we are already used to it and from my point of view, the limits of decency and defense of the national interest have been exceeded,” concluded Pedro Marques.
In mid-October, the European People’s Party group – to which the PSD belongs – questioned the ECB over what it considers a breach of that institution’s code of conduct by the governor of the Bank of Portugal. Centrist MEP Nuno Melo had previously done the same.
Meanwhile, the BdP’s opinion, which the ECB was waiting for, was released on Centeno’s conduct, warning that the controversial invitation to the governor could damage the image of the regulator and recommending efforts to safeguarding the reputation of the institution.
The BdP Ethics Committee nevertheless found that the governor fulfilled his general duties of conduct.
Source: DN
