Is the ECB’s lack of transparency tolerable?
One of the most fundamental characteristics of a true democracy is transparency. Currently, the EU is lacking transparency and democratic process. Officials change without people’s say-so, under-the-table deals that go public only if leaked, and lobbyists’ efforts being above people’s will – these are just some examples of a malfunctioning, if not totally absent, European Democracy.
The European Central Bank (ECB) must also be included in our list. The ECB’s role was crucial in 2015 when Greek banks were closed down: there is a ‘legal opinion’ document regarding these actions of the ECB during that period. Our ‘Greek Files Campaign’ aims at the public release of this document, which is currently still kept secret against the logic of transparency. Yanis is now taking the ECB to court. But this is not the only case of lack of transparency from the ECB.
The President of the ECB, Mario Draghi, was recently told to drop his position in a secret group of bankers. European ombudsman, Emily O’Reilly, has noted the lack of transparency and potential threat to the ECB’s independence. We believe that this action is in the right direction for the formation of a transparent democratic institution and union.
Aris is a member and volunteer of the DiEM25 movement.
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