“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)


Support Transparency International

Delia Ferreira Rubio elected Chair of Transparency International

At Transparency International’s Annual Membership meeting on 15 October, Delia Ferreira Rubio was elected chair and Rueben Lifuka was elected as vice-chair, along with seven new board members.

How to keep desperately needed humanitarian aid out of the hands of the corrupt

Around the globe, tens of millions of people need humanitarian assistance from governments, humanitarian aid agencies, and the UN, but even when lives are at stake and people at their most vulnerable, corruption and other abuses are not uncommon.

How the IMF can have real impact on fighting corruption

The International Monetary Fund (IMF) is meeting in Washington DC this week. We want to send a strong message about what the multi-lateral lender can do to have greater impact on fighting corruption.

The impact of the Azerbaijani Laundromat

Since the story of the Azerbaijani Laundromat broke, Transparency International has been following up on the allegations and, along with OCCRP, calling for action to hold to account the politicians, businesses and intermediaries who were named in this complex money-for-influence scandal.

Corrupción en ascenso en América Latina y el Caribe

Conversamos con más de 22.000 personas en 20 países en América Latina y el Caribe sobre corrupción. Tomando en cuenta el tamaño estimado de la población de estos países, eso significa que alrededor de 90 millones de personas pagaron sobornos.

Corruption on the rise in Latin America and the Caribbean

Transparency International asked more than 22,000 people in Latin America and the Caribbean about corruption in their daily lives. The survey also looks at how institutions are perceived and how corruption has been developing in each country.

Sustainable Development Goals turn two: time to ensure justice for all

September 25, 2017 marks the two-year anniversary of the adoption of the Sustainable Development Goals. Transparency International highlights the need for governments to set meaningful targets for success.

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