ECB 'in denial' over Draghi role in G30 - EU Ombudsman

ECB 'in denial' over Draghi role in G30 - EU Ombudsman

The European Union's Ombudsman on Thursday again accused the European Central Bank of maladministration for failing to address concerns about the involvement of ECB President Mario Draghi in the G30 group of financiers and economists.

FILE PHOTO:  President of the European Central Bank Mario Draghi listens during the news conference
FILE PHOTO: President of the European Central Bank Mario Draghi listens during the news conference following the meeting of the Governing Council of the European Central Bank in Riga, Latvia June 14, 2018. REUTERS/Ints Kalnins

FRANKFURT: The European Union's Ombudsman on Thursday again accused the European Central Bank of maladministration for failing to address concerns about the involvement of ECB President Mario Draghi in the G30 group of financiers and economists.

"The ECB’s reply to the Ombudsman’s recommendations was not satisfactory. It remained in denial regarding the implications of the membership of its President in the G30 and refused to improve its applicable rules and procedures," the Ombudsman said.

"Therefore, the Ombudsman closes her inquiry by confirming her findings of maladministration."

The G30 meets behind closed doors to discuss global economic issues. The Ombudsman had recommended that Draghi give up his membership to counter "a public perception" that the ECB's independence as a banking supervisor could be compromised.

(Reporting By Francesco Canepa; editing by John Stonestreet)

Source: Reuters

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