ECB staff committee seeks review of Lagarde’s book promotion — Politico Europe

In Germany, the staff committee of the European Central Bank has asked the ECB’s chief compliance officer to determine whether bank President Christine Lagarde breached ethical standards by promoting her forthcoming memoir during an official press conference. Politico Europe reports.

In a letter dated October 9, seen by the outlet, staff representatives asked for clarification on whether Lagarde’s actions complied with the ECB’s code of conduct. They also raised concerns about possible double standards between ethical requirements for staff and for the bank’s six Executive Board members.

Mention of the memoir

At a monetary policy press conference on September 10, Lagarde mentioned her memoir, Lady First. Responding to a question about how she would separate the commercial promotion of the book from her work at the ECB, Lagarde said that marketing, publishing and commercial activities would take place on weekends or during one or two days of her leave. She then urged journalists to buy the book.

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The English-language version of the autobiography is due to be released on February 4. An ECB spokesperson said that Lagarde had done nothing wrong, had informed the Ethics Committee and the compliance and corporate governance officer about the book project, and had received approval.

Staff questions

The staff committee asked whether writing and publishing a book are considered Lagarde’s activities under Article 11.1 of the ECB Statute. If not, staff representatives want to know whether the bank’s Governing Council granted an appropriate exception.

They also requested clarification on whether the manuscript had been reviewed for confidential or policy-sensitive information and whether promoting the book at an official event complies with the code of conduct. According to the ECB spokesperson, this is a private activity that the president carries out in her own time without using the bank’s resources. The staff committee declined to comment.