ECB boss Lagarde downplays criticism of her work: financial experts critical

ECB boss Lagarde downplays criticism of her work: financial experts critical

According to a report by www.n-tv.de, around half of the employees of the European Central Bank are not satisfied with the work of their boss Christine Lagarde. This emerges from a workforce survey by the central bank union IPSO. Nevertheless, Lagarde played down the criticism, stressing that she supported most of the staff and was proud to lead the institution.

The union considers the salary increase of around 4.07 percent planned for 2023 to be inadequate given inflation that was recently more than twice as high in the euro area. This presents Lagarde and her management team with an unflattering report card, especially at a time when the ECB is being challenged like never before in the fight against rampant inflation.

The survey results could have a significant impact on trust in the ECB. Employee trust is critical to the effective management of an institution, especially during times of economic challenges. Employee dissatisfaction could lead to increased turnover within the company and question the effectiveness of the ECB.

It is also interesting to note that Lagarde's predecessor, Mario Draghi, received higher approval ratings from employees in a similar IPSO survey. This could indicate that a change in leadership strategy is needed to restore employee trust and satisfaction.