Brussels, 07/10/2015 (Agence Europe) - On Tuesday 6 October, the ECB announced new ethical rules governing the external communication of the members of the executive board, in response to sensitive information divulged by Benoît Coeuré in May to sovereign fund managers (see EUROPE 11327).
From now on, the members of the executive board of the Frankfurt-based institute will be able to discuss sensitive subjects with an economic impact before a limited audience only if these comments are published on the ECB website at the start of the speech, if the event can be followed directly by the general public or if it is open to the media. Executive board members will also undertake to refrain from offering their personal positions on state of the economy or the financial sector within the eurozone if the institutions, companies or persons to whom these personal views are expressed could derive personal profit from them.
Welcoming these new guidelines, the European Ombudsman, Emily O'Reilly, said that she was “encouraged” by the fact that the ECB, which is under an obligation to observe the highest governance standards due to the impact of its activities on the lives of European citizens, has acted swiftly to reinforce its internal rules. She promised to step up her cooperation with the European institution to improve its rules on transparency, ethics and proper administration. (Original version in French by Mathieu Bion)