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10 July, 2017

EU watchdog quizzes ECB's Draghi over ties with G30 bankers

The European Union's ethics watchdog is quizzing the President of the European Central Bank, Mario Draghi, over his and the ECB's involvement in an exclusive forum with bankers and fund managers.

In a letter to Draghi that was published on Friday, European Ombudsman Emily O'Reilly said the meetings of the Group of Thirty, where central bankers, economists and financiers talk behind closed doors, are "not transparent" and questioned the ECB president's membership of the club.

"Where ECB members attend meetings organized by the Group of 30, they must abide by Treaty transparency requirements," O'Reilly said in the letter. "However, Group of 30 meetings are not transparent."

O'Reilly, who watches for ethics lapses at European institutions and can make non-binding recommendations, asked the ECB whether it would consider publishing agendas and summaries of those meetings.

Draghi has until September to reply to the letter in writing.

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