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Ombudsman opens inquiry into how ECB handles ‘revolving doors’

The Ombudsman has opened an inquiry into how the European Central Bank (ECB) handles ‘revolving doors.’

In order to conduct her analysis, the Ombudsman asked the ECB to provide a statistical overview of mid-level and senior staff members that left the bank in 2020 and 2021 to take up positions in the private sector.

The ECB should indicate whether it took mitigating measures while the outgoing staff member was still in service, and any post-employment restrictions.

The inquiry also includes the recent move by a former senior economist at the ECB to a US investment bank. The new job related to the person’s previous area of work at the ECB. The Ombudsman requested a meeting with representatives from the ECB to discuss the matter by 13 May 2022.

The inquiry is part of broader monitoring by the Ombudsman of how the EU administration handles  ‘revolving doors’. This includes an own-initiative inquiry into how the Commission deals with the matter and an ongoing inquiry concerning the European Investment Bank.  Recently-closed inquiries in this area concerned the European Banking Authority and the European Defence Agency