In a new letter sent on Friday 29 May to MEP Fabio De Masi (non-attached, German), the European Central Bank (ECB) President, Christine Lagarde, responded to criticism of the remuneration she received in connection with her mandate on the Board of Directors of the Bank for International Settlements (BIS) (see EUROPE 13814/30).
“While my membership in the BIS Board of Directors qualifies as part of my official mandate as ECB President, it is also an exclusive BIS-centric ad personam assignment[...] and remunerated accordingly”, she writes.
Ms Lagarde also notes that the Code of Conduct applicable to members of the Governing Council authorises the exercise of official mandates “on the sole condition that such activities do not hinder their independence”.
In addition, the ECB President states that the remuneration paid by the BIS between 2020 and 2025, amounting to approximately between €111,000 and €140,000 per year, does not appear in the ECB’s annual accounts, but has “always been fully” disclosed in her annual Declarations of Interests published on the institution’s website.
To see Ms Lagarde’s letter: https://aeur.eu/f/m4u (Original version in French by Bernard Denuit)