In 2015 the
European Central Bank tightened its ethics rules in the wake of a
major scandal over privileged information it gave to select
financiers. In the future there will be more restrictions on the way
the leadership associates with representatives of financial
corporations. But the discoveries from the scandal seems to have no
bearing on the way the ECB's top brass deals with the quasi-lobby
Group of Thirty.
In May 2015,
a member of the powerful Governing Council of the European Central
Bank (ECB) gave confidential information about quantitative easing to
a meeting of bankers and academics, with the former seemingly
responding swiftly, securing an advantage over competitors. Only a
few months later, the ECB adopted new rules on how and when to
associate with financial lobbyists and representatives of financial
corporations.
It seems a
new awareness was borne out of the scandal. Yet, at the same time the
ECB involvement with the powerful financial interest group G30 (Group
of Thirty) has intensified, and there is no sign this has caused
controversy inside the bank. In a letter to Corporate Europe
Observatory, the ECB explained that its internal bodies set up to
overlook the ethical rules have not even considered the closeness of
the central bank's relationship with the G30.
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