ECB Staff Members Revolt Against Alleged “Anti-Democratic” Practices
Reports have emerged of a revolt among staffers at the European Central Bank (ECB) who are speaking out against what they perceive as “anti-democratic” practices within the institution based in Frankfurt.
Concerns Raised by Staff Committee
The Financial Times has detailed how the bank’s staff committee recently sent a letter to ECB President Christine Lagarde outlining various issues. These include complaints of favoritism, high burnout rates, and the precarious situation of many colleagues employed on temporary contracts.
Accusations of Unaccountability
Carlos Bowles, the chair of the staff committee, did not mince words in the letter, alleging that the ECB has transformed into an “unaccountable legal fortress.” He also took aim at Lagarde, criticizing her for failing to uphold the same principles of democracy and rule of law that she champions publicly.
“We regret to see that these principles expressed outside the institution seem to be given little value inside the institution by its power structure.”
Lagarde’s Vision for the Euro
In a recent blog post, Lagarde expressed her belief that the euro is poised to become a key player in global foreign exchange reserves, citing Europe’s stability as a driving factor.
“The EU may seem complex from the outside, but its structured decision-making process ensures stability, policy certainty, and respect for the rule of law. Institutions like the ECB play a crucial role in upholding these values.”
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