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Draghi’s membership of secret ‘Group of 30’ raises serious questions – Hayes

Draghi’s membership of secret ‘Group of 30’ raises serious questions – Hayes

Brian Hayes MEP today welcomed the publication of a letter from the European Ombudsman investigating ECB President Mario Draghi’s membership of the ‘Group of 30’.

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“President Draghi’s membership of the Group of 30 raises serious questions about the transparency of the ECB’s activities. While the ECB needs sufficient independence to carry out its activities, I would have questions about whether it is right that the ECB President engages in ‘behind closed doors’ meetings with a select number of banks which the ECB and SSM directly supervise.

“The ECB has a clear role to be transparent and accountable to European citizens. While I am confident that the President does not reveal sensitive information about monetary policy, it is still concerning that we don’t know what is discussed at the ‘Group of 30’ meetings. Therefore, I think the ECB should end their participation with this group.

“If the head of the Irish Central Bank was involved in a behind closed doors group like this, I think there would be outrage. EU institutions should be careful not to give a privileged platform to certain private companies. It is welcome that the Ombudsman has sought clarity on this issue and I would call on President Draghi to be fully transparent with the process.

“I intend to raise this issue with President Draghi the next time he is appearing before the European Parliament’s Economic and Monetary Affairs Committee.”

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