The European Ombudsman, Emily O'Reilly, has welcomed new moves by the European Central Bank (ECB) towards ensuring that the public interest is better protected when members of the ECB Executive Board agree to external speaking engagements. She looks forward to further useful engagement on this, and on other transparency and ethical issues.

Today's ECB publication of new speaking engagement guidelines follows the Ombudsman's request to the ECB to clarify the circumstances surrounding a speech delivered by a member of the ECB Executive Board on 18 May 2015 in London. Potentially market sensitive information appears to have been disclosed to a limited audience at that meeting. The ECB explained that the incident happened due to a technical error and replied to the Ombudsman that it would introduce new rules for speaking engagements.

Emily O'Reilly stated: "The ECB takes decisions that affect the daily lives of citizens and businesses, even more so since taking over responsibility for banking supervision. It must uphold the highest standards of governance. I am encouraged by the fact that the Bank has moved quickly to introduce these guidelines and I look forward to further engagement on these critical issues for citizens.

I welcome the ECB's stated commitment to avoid any risk of potentially market-sensitive information being shared with restricted audiences or any perception of privileged treatment being given to certain interest groups or event organisers. Key to these efforts is ensuring maximum transparency around such meetings and contacts."

One of the ECB's new guiding principles is the obligation for Executive Board members to accept speaking engagements only if potentially market sensitive information is published on the ECB's website at the beginning of the speech or if the event is broadcasted.

The European Ombudsman will step up her co-operation with the ECB with a view to further improving its rules and guidelines in the area of transparency, ethics and good administration.