Christine Lagarde is ‘woke’ and ‘arrogant’ and not the right person to lead the European Central Bank, according to a survey of staff.
A damning poll of more than 1,100 of the institution’s 5,000-strong workforce found 50.6 per cent rated her performance ‘poor’ or ‘very poor’ amid concerns she is too ‘political’.
The survey also found 53.5 per cent thought the former head of the International Monetary Fund and ex-French finance minister was not the right person for the job.
Just 22.8 per cent said she was and 23.8 per cent could not say.
While Lagarde, 68, is feted on the global stage at events such as last week’s World Economic Forum in Davos, the findings suggest she is not popular inside the European Central Bank (ECB).
Pressure: ECB boss Christine Lagarde (pictured) has been branded ‘woke’ and ‘arrogant’ in a devastating staff poll
‘A woke atmosphere is being created at the ECB, which will prove highly detrimental when people start realising what a dead end this is,’ one official who took part in the survey said.
The poll was carried out by the International and European Public Services Organisation (Ipso) trade union at the ECB to mark the half-way point of her eight-year term.
It uncovered concerns that Lagarde strays into politics and is using her job at the ECB to prepare the ground for her next career move.
This month she said the potential return of Donald Trump to the White House was ‘clearly a threat’ to Europe.
The findings are a bruising setback for Lagarde as the eurozone teeters on the brink of recession.
As is the case in other economies including Britain, the economy has suffered after central banks allowed inflation to run wild and then hiked interest rates aggressively to bring it back under control.
‘Lagarde is generally reported as being an autocratic leader. Many respondents resent the negative atmosphere that this leadership style has instilled in the institution,’ the Ipso analysis concluded.
‘The survey reveals a widespread dissatisfaction of respondents regarding internal matters, including diversity policies.
‘Many also stated that she spends too much time on topics unrelated to monetary policy and goes too frequently into the political domain.
Respondents also report their perception that she is misusing the resources of the institution to further her own personal image, possibly to prepare her next career move.
Many respondents say they do not recognise the ECB anymore. She is perceived as being arrogant, lacking humility and sometimes even offensive to the staff.’
By contrast, her predecessor Mario Draghi was rated ‘poor’ or ‘very poor’ by fewer than one in ten who responded to the Ipso survey. One worker wrote: ‘Mario Draghi was there for the ECB while the ECB seems to be there for Christine Lagarde.’
The ECB pointed out that Lagarde has faced a number of crises including the Covid-19 pandemic and the invasion of Ukraine by Russia.
‘The president and the board are fully focused on their mandate and have implemented policies to respond to unprecedented events in recent years,’ a spokesman said, adding: ‘This survey is flawed.’
The findings came as central banks around the world continue to battle inflation. The ECB is widely expected to leave interest rates unchanged on Thursday.
The US Federal Reserve and Bank of England are likely to take a similar stance next week.
Analysts at Goldman Sachs believe the Fed will start cutting rates in March while investors believe the ECB will strike in April. The Bank of England is expected to follow suit in May or June.
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