Lagarde’s book plug raises questions about ECB ethics standards

Frankfurt — European Central Bank officials are questioning whether President Christine Lagarde violated ECB ethics standards by promoting her upcoming memoir during a recent press conference. The central bank’s staff committee raised concerns in a letter dated October 9, seen by POLITICO. Staff members seek clarity on whether Lagarde broke the bank’s code of conduct, and have raised questions about "potential double standards" between staff ethics and the ECB’s six executive board members.

During the Sept. 10 monetary policy press conference, Lagarde mentioned her forthcoming book, "Lady First," and encouraged attendees to purchase it. The Frenchwoman stated that any marketing, publishing, or commercial activities would occur on weekends or holidays she designated for that purpose. Lagarde has pledged to continue serving until October, leading to speculation that she may resign before the book's release.

The ECB spokesperson affirmed that Lagarde has not acted improperly. However, the staff committee emphasizes that employees must seek prior authorization before publishing any material outside their work and must not use ECB resources or their position for private activities. The committee also inquired about Lagarde's disclosure of any contacts with the World Economic Forum and whether potential conflicts of interest were assessed.