The earnings of the head of the ECB are under scrutiny. Employees do not hide their disappointment
The president of the European Central Bank, Christine Lagarde, found herself at the center of controversy after it was revealed that she received more than 140,000 payments last year as a board member of the Bank for International Settlements (BIS). euros of additional remuneration. The case sparked a wave of criticism among ECB employees, who point to double standards in the remuneration policy.
Continued below the video:
According to the letter Lagarde sent to MEPs Fabio De Masi and Dick Erixon, in 2025 she received 130,457 Swiss francs (142,700 euros) from BIS. This information was first reported by the Financial Times.
ECB staff do not hide their disappointment. In internal comments obtained by the Financial Times, there were allegations of dishonesty and double standards.
“Praise the water, drink the wine!” — wrote one employee, emphasizing that ordinary ECB staff are not allowed to accept additional remuneration for their official duties. Even a designated ECB staff member who accompanies Lagarde to BIS meetings cannot receive additional funding in this respect.
According to the ECB's code of conduct, if an employee is offered external remuneration for the performance of his/her professional duties, he/she must pay it to the bank. “We mere mortals cannot get allowances from BIS,” another employee commented.
In response to the allegations, the ECB clearly distinguishes the situation of management staff and ordinary employees. The bank explains that Lagarde, as president, is subject to a separate code of conduct, and her function at BIS involves making key management decisions and personal legal risk. Therefore, in the ECB's view, it is justified to award her additional remuneration, while members of the support team do not have similar responsibility.
The European Central Bank also stressed that Lagarde was merely continuing the practice of his predecessors — Mario Draghi and Jean-Claude Trichet — who also received additional remuneration from the BIS.
