ECB staffers fear backlash when speaking out, survey says

FRANKFURT — European Central Bank staffers believe they must toe the line or face the consequences.

That is the message from a staff survey conducted by the ECB in November and December, revealing that the majority have “no confidence” that they can voice their views without inviting retaliation from above.

The findings threaten to blemish President Christine Lagarde’s legacy, raising questions about the quality of debate culture within the central bank under her leadership amid ongoing rumors that the Frenchwoman will end her eight-year term early. The results also land at an awkward moment, as the ECB faces legal action from its staff union over alleged efforts to curb free speech.

The survey boasted a 75 percent response rate and was shared with staff during a Town Hall meeting on Thursday.

The results found that 34 percent of respondents disagreed that they “can freely express” their views “without fear of negative consequences.” Another 24 percent of staffers were unsure how to respond to the statement. Longer-serving staff were more concerned about a possible backlash than newer hires.

Lagarde publicly professes diversity. Just this week, she hailed the variety of voices from eurozone central bankers, saying that “diversity is an asset in times of high uncertainty.”  She has also famously blasted economists for forming a “tribal clique” at the 2024 World Economic Forum in Davos, insisting broader perspectives would always lead to better outcomes.

That spirit is far from present at the ECB’s headquarters in Frankfurt’s east end, as far as the survey goes.

In an interview last year, the ECB union vice president, Carlos Bowles, expressed concern that a “culture of fear” within the Bank will promote self-censorship and groupthink. The ECB’s attempts to prevent the union from airing these concerns in public prompted the legal action against the Bank.

The union expresses concern about the survey’s outcome.  “When staff feel unsafe to speak openly, it is not just an HR matter — it becomes a policy risk,” a union spokesperson said.

The disconnect between the ECB’s public messaging and perceptions on the ground may be at least partially attributed to the fact that less than a third of its staff believes “the ECB is open in its communication with employees,” as reflected in the survey.

An ECB spokesperson said that the bank is “working together with staff and staff representatives to respond to the survey outcomes” and is “fostering a more open and supportive workplace by encouraging honest dialogue, normalizing learning from mistakes and reinforcing behaviors that promote safety and inclusion.”

Broken career ladder

While the vast majority of staff say they are proud of the ECB’s mission and feel inspired by its work, fewer than one in three would recommend it as a workplace.

Career progression is a key concern — a common challenge in public financial institutions.

Four out of 10 staffers don’t think they have good opportunities for professional development. That’s a bad look for the ECB’s career ladder. Worse when you include the fact that an additional 20 percent of staffers are unsure of how their career will progress within the central bank.

There are some bright spots in the survey, depending on who you ask. While phrasing differences limit comparisons to previous surveys, there seems to be some progress in fair treatment. Nearly two-thirds of survey respondents said they feel the ECB has treated them fairly, whereas in past surveys, nearly two-thirds expressed concerns over favoritism.

The ECB promises more progress. It is already translating survey results “into concrete steps— supporting managers in having more meaningful development conversations, creating more direct communication touchpoints with staff, and engaging with long‑tenure colleagues to understand and address their concerns,” the spokesperson said.