Involvement of central bank governors in steering asset purchase programmes
The members of the Governing Council of the ECB have published their declarations of interests under the ECB’s Code of Conduct.
These declarations show that a majority of the members of the Governing Council hold assets in listed companies and exchange traded products (ETF). Some of the companies (e.g. Bayer, Sanofi and Novartis) in which they have financial interests are eligible for the ECB’s private debt buy-back programmes.
The Governing Council is the body that makes the decisions on the amount, scope and duration of the asset purchase programmes, at the very least. Having a financial interest in an undertaking that benefits from such transactions could represent a conflict of interest.
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How are the eligibility criteria for ECB buy-back programmes established and how is the Governing Council involved in this process?
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Are members of the Governing Council who have a financial interest in a company that is eligible for these programmes or who have invested in an ETF fund excluded from the decisions relating to these?
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What framework has the ECB established to prevent such conflicts of interest?
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Sujets associés
Question à la Banque Centrale Européenne