“Revolving door” safeguards will help ensure trust in ECB supervision

Issued by Transparency International Liaison Office to the European Union



Transparency International EU welcomes safeguards agreed earlier today to prevent conflicts of interest in the supervision of Eurozone banks by the European Central Bank (ECB). The deal reached by negotiators from the European Parliament and the Irish EU Presidency will help to regulate the “revolving door” between the ECB and the financial institutions it supervises.

Transparency International EU also welcomes the democratic accountability mechanisms agreed as part of the package, which include strong parliamentary oversight and assurances on public access to documents.  The deal paves the way for the establishment of European-level banking supervision, which is a key ingredient of the EU’s plans for a Banking Union. 

"Banking Union is a fragile project that will need public trust to succeed” said Jana Mittermaier, Director of the Transparency International EU Office. “The measures agreed today are recognition of that fact, but the ECB will need to earn this trust by acting in accordance with the spirit as well as the letter of these regulations.

For example, the provisions on the ‘revolving door’ give the ECB some discretion on how it will operate. We encourage the ECB to look at best practice in other agencies and institutions to ensure that Eurozone banking supervision is protected from corruption and undue influence.” 

The package agreed by Parliament and Council negotiators today includes:

In a recent policy paper, Transparency International EU identified conflicts of interest management, access to documents and democratic oversight as just some of the areas where the ECB needed to improve its transparency and accountability.

The ECB is scheduled to take over supervision of the largest Eurozone banks from March 2014. The agreement today is subject to formal approval by the European Parliament and EU member states.

-  ends –

Transparency International is the global civil society organisation leading the fight against corruption.


For any press enquiries please contact

Jana Mittermaier, Director EU Office
E: .(JavaScript must be enabled to view this email address)

Carl Dolan, Senior EU Policy Officer                                                  
T: +32 2 23 58 603
M: +32 488 563 435
E: .(JavaScript must be enabled to view this email address)

Latest

Support Transparency International

How corruption affects climate change

Corruption and climate change are closely intertwined.

The secret is out: US$2.7 billion of São Paulo property linked to offshore companies

Our investigation into the real estate market in São Paulo shows how easy it is to hide more than US$2.7 billion worth of property behind shell companies.

Clean contracting at work: an example from Vilnius

The Neris Riverside development is part of a wider initiative to promote clean contracting across Europe – all told, we're monitoring 17 major public contracts worth nearly €1 billion.

A year after Panama Papers, is enough being done to stop illicit finance?

The Panama Papers revealed a global web of secret companies and stealthy crooks hiding stolen wealth, but one year on the corrupt still find it too easy to shift illegal assets and sustain criminally luxurious lifestyles.

Fighting land corruption in Sub-Saharan Africa: Widows tell their story

See a short film created by Ghanaian widows evicted from their land who decided to organise and challenge official indifference.

Corruption in Asia Pacific: what 20,000+ people told us

We spoke to nearly 22,000 people about their recent experiences with corruption in 16 countries and territories in the Asia Pacific region. See what they revealed.

FIFA must do more to win back trust of football fans

It’s been one year since Gianni Infantino was elected president of FIFA with promises to clean up football. How do football fans think he's doing?

Social Media

Follow us on Social Media

Would you like to know more?

Sign up to stay informed about corruption news and our work around the world