By Martin Banks - 29th November 2011
It is inappropriate and potentially dangerous
Kenneth Haar
European Central Bank president Mario Draghi, has been urged to cut his ties with an "elite" banking lobby group.
Draghi, this week set to appear before MEPs for the first time in his new role, has been told to sever his connections with the group of thirty "in order to protect" the independence of the ECB.
EU campaign group, Corporate Europe Observatory (CEO), has written to Draghi asking him to withdraw his membership from the group of thirty, which it describes as an "elite club of banking leaders from some of the world's biggest banks".
The demand comes ahead of Draghi's appearance before parliament on Thursday, his first since succeeding Jean-Claude Trichet as head of the ECB.
He will take part in a debate with MEPs on the new ECB annual report for 2010.
In its letter, the Brussels-based CEO points to an article in the Lisbon treaty which states that the ECB must retain its independence.
CEO argues that such "close" links between private banking interests, represented by the group of thirty, and the ECB are "inappropriate" at a time when the ECB is playing a central role in the outcome of the financial crisis.
CEO said, "We believe that any president of the bank has to make it absolutely clear that he or she is not under the influence of the financial lobby at any time.
"In particular at this dramatic point in the history of the EU, with the euro crisis and an ailing banking sector recipients of trillions of euros in aid it is completely unacceptable if doubt can be cast on the independence from the financial lobby of the bank's president."
CEO campaigner Kenneth Haar said, "It is inappropriate and potentially dangerous for the head of the ECB to put himself in a position where he can so easily be influenced by private sector interests.
"The financial crisis has made it very clear that the banks do not act in the interests of the rest of society they are looking to make a fast buck and they should not be pulling the strings of the ECB."
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