O’Reilly attacks ECB ‘maladministration’ over links to G30 financiers’ group

The next head of the European Central Bank (ECB) and other ECB policymakers should be barred from joining the G30, an opaque club of top figures in finance, the European Union’s Ombudsman Emily O’Reilly has said as she referred the matter to the European Parliament.

In a formal statement, Ms O’Reilly, above, renewed her own earlier call for ECB President Mario Draghi to stand down as a member of the Group of 30, after the ECB had rejected her earlier recommendation that he resign in order to protect the central bank’s reputation.

The G30 is a private group that brings together bankers, economists and current and former policymakers for behind-closed-doors discussions. Mr Draghi has been a member since before he became ECB President in 2011.

It creates “a public perception” that the ECB’s independence could be compromised, particularly as some banks its regulates may be members, Ms O’Reilly said.

“The ECB should seek to ensure that neither the next President of the ECB, nor any other member of ECB decision-making bodies, becomes a member of the G30,” Ms O’Reilly said yesterday.

The ECB previously rejected the non-binding recommendation, arguing that participation in G30 discussions helps it understand economic and financial developments.

It declined to comment.

Ms O’Reilly said the ECB was “in denial” and accused it of “maladministration”. (Reuters)