BR100 Decreased By (-0.38%)
BR30 Decreased By (-0.46%)
KSE100 Decreased By (-0.42%)
KSE30 Decreased By (-0.52%)
AGHA 7.40 Decreased By ▼ -0.16 (-2.12%)
BECO 5.06 Decreased By ▼ -0.03 (-0.59%)
BML 56.43 Increased By ▲ 1.45 (2.64%)
BOP 32.64 Decreased By ▼ -0.34 (-1.03%)
CNERGY 10.29 Increased By ▲ 0.19 (1.88%)
CSIL 5.36 Increased By ▲ 0.23 (4.48%)
FCCL 51.74 Increased By ▲ 0.49 (0.96%)
FFL 16.49 Increased By ▲ 0.31 (1.92%)
FNEL 1.21 Increased By ▲ 0.02 (1.68%)
KEL 7.14 Increased By ▲ 0.08 (1.13%)
KOSM 6.05 Increased By ▲ 0.51 (9.21%)
LOTCHEM 26.81 Decreased By ▼ -2.31 (-7.93%)
MLCF 88.17 Decreased By ▼ -0.65 (-0.73%)
NBP 193.18 Decreased By ▼ -4.31 (-2.18%)
NCPL 55.31 Increased By ▲ 0.29 (0.53%)
NPL 64.65 Decreased By ▼ -0.23 (-0.35%)
OGDC 310.38 Decreased By ▼ -1.57 (-0.5%)
PACE 10.38 Increased By ▲ 0.17 (1.67%)
PAEL 40.85 Decreased By ▼ -0.14 (-0.34%)
PIBTL 15.85 Decreased By ▼ -0.11 (-0.69%)
PPL 211.10 Decreased By ▼ -1.56 (-0.73%)
PRL 53.14 Increased By ▲ 0.60 (1.14%)
PTC 68.07 Decreased By ▼ -1.01 (-1.46%)
SSGC 24.85 Decreased By ▼ -0.25 (-1%)
TBL 9.50 Decreased By ▼ -0.12 (-1.25%)
TELE 8.29 Decreased By ▼ -0.03 (-0.36%)
TPL 18.29 Increased By ▲ 0.54 (3.04%)
TPLP 12.97 Decreased By ▼ -0.25 (-1.89%)
TREET 21.43 Decreased By ▼ -0.31 (-1.43%)
TRG 58.97 Increased By ▲ 2.08 (3.66%)
Business & Finance

ECB's Draghi dragged before EU ombudsman

Published Updated

Mario-Draghi- 400BRUSSELS: Eurozone central banker Mario Draghi has been asked to justify his membership of an elite international financial forum by the EU after transparency campaigners claimed a conflict of interest, the bloc's watchdog said Tuesday.

European Central Bank president Draghi, at the centre of the debt storm stalking the recession-hit single currency for the last three years, stands accused of breaching European Union statutes governing "impartiality, independence and objectivity".

The complaint was brought by anti-lobbying NGO Corporate Europe Observatory and a probe was opened on July 24, the EU Ombudsman's office said on its website. The campaigners say Draghi should resign.

The complaint argues that the ECB chief's place in the "Group of 30", which describes itself on its website as a "nonprofit, international body" gathering figures from private and public sectors and academia, "is incompatible with the independence, reputation and integrity of the ECB".

"No investigation has been launched," Gundi Gadesman, spokeswoman for the ombudsman Nikiforos Diamantoros, told AFP on Tuesday, rejecting "dramatisation" two days before a crunch ECB meeting at which the central bank is under pressure to do more to help Spain.

"We have transmitted the complaint to the ECB," Gadesman said, adding that the ombudsman would offer "recommendations" after studying responses, but that these are "not binding".

"We do not have the power to impose sanctions," she underlined.

Group of 30 members are high-flying private and public bankers such as JPMorgan Chase International chairman Jacob Frenkel or former US Federal Reserve head Paul Volcker, and include Draghi's predecessor at the ECB, Jean-Claude Juncker.

Copyright AFP (Agence France-Presse), 2012

Comments

Comments are closed for this article.