A war of words has erupted among high-level employees of the European Central Bank (ECB) this month, with claims that Europe’s leading financial institution is attempting to purge staff critical of green policies from its ranks.
The public dispute—involving an open and direct attack on the woke leadership style of Christine Lagarde—was first reported in the press in mid-February, with a leaked memo showing the desire of ECB executives to purge employees not fully on board with the bank’s climate policies.
Insider reports describe how ECB staff were left shocked by statements from Dutch-born executive Frank Elderson saying that those wanting free and open discussion on climate change and its impact on fiscal policy should leave the institution immediately.
In a statement to The European Conservative, the ECB press office defended Elderson’s behaviour, saying that as “a staunch supporter of all forms of diversity including diversity of thought,” he merely reflected wider bank policy with regards the climate agenda.
Elderson’s management style has previously been described as “authoritarian” by co-workers, with the central bank official reported to have asked for ECB staff to be “reprogrammed,” expressing particular annoyance that ECB employees “still don’t know how to spell the word ‘climate’ despite having top-class educations.”
Elderson’s comments prompted a backlash from employees, while central bank boss Lagarde has come out in support of the Dutch central banker. Meanwhile, the ECB itself circulated an official memo attempting to mollify staff discontent while simultaneously emphasising the bank’s green credentials.
During his time on the ECB executive board, Elderson has spearheaded the concept of fining banks that are slow to implement green policies. His zero-tolerance approach to discussion on climate policy has been labelled an affront to free expression by ECB staff, with many venting their anger on official company networking services.
Describing the increasingly woke culture within the ECB, Daniel Gros—director of the Institute for European Policymaking—stated, “If you voice criticism, you are quickly accused of being anti-climate. I have personally had that experience more than once.”
As well as climate policy, Elderson is also a keen proponent of woke ideology, as seen on his personal social media and the bank’s official blog, proclaiming support for the bank’s equality and diversity policies on LGBT issues. Ironically, he was not appointed to the ECB executive due to gender quotas, but he would happily extend this approach to hiring other bank staff.
A 5,000-person organisation mainly operating from Frankfurt, the ECB is the euro zone’s equivalent of the Federal Bank and is charged with setting the currency union’s interest rate and monetary policy.
Regarded as one of the most pro-green institutions within the EU set-up, the ECB helps to direct the €1 trillion-plus green transition fund, with the Bank announcing its particular wish to whip international financial institutions in line with its climate policy.
The revelations have prompted calls for an investigation into “ideological bias” within the ECB from the European Parliament. They feed into a wider sense of dissatisfaction with head honcho Christine Lagarde; some 60% of staff have now declared no confidence in her management.
