Christine Lagarde is awaiting an analysis of Mario Centeno’s behavior by the ECB’s ethics committee. The ECB President stresses the importance of “independence of decision-making bodies” to fulfill the mandate.

The President of the European Central Bank (ECB) said this Monday that it expects its ethics committee to review the conduct of Bank of Portugal Governor Mario Centeno, given the appointment of Prime Minister António Costa as his successor.

“The ECB has a strict code of conduct for its senior staff and a dedicated ethics committee to ensure that ethical rules are applied appropriately and consistently on a level playing field. That’s why I received letters from MEPs of this parliament. [Europeu] on this issue, and I have asked the ECB’s ethics committee to look into this matter, and I will respond after receiving the ethics committee’s assessment,” said Christine Lagarde.

Speaking at a hearing of the European Parliament’s Economic and Monetary Affairs Committee in Brussels, the official stressed that “the independence of the ECB’s decision-making bodies is essential to fulfilling its mandate.”

“Genuine independence requires that all ECB policymakers respect the highest ethical standards,” he stressed.

Christine Lagarde responded to Social Democratic MEP Lydia Pereira, who asked her whether the ECB “will ignore the violation of its code of conduct or take action.”

Regarding the PSD candidate, the fact that the outgoing Prime Minister António Costa proposed to the President of the Republic to replace him from his post as Governor of the Bank of Portugal (BDP) and member of the Governing Council of the ECB is Mario. Centeno represents a “flagrant violation of the code of conduct.”

“Mario Centeno became governor of the BDP after going through the revolving door of a government in which he was finance minister. Moreover, from Eurogroup President to ECB member in just 37 days. Now he has agreed to be nominated in his place by the Prime Minister of Portugal, wanting to make the door turn in the opposite direction and damage the independence that has been irreparably undermined,” said Lydia Pereira.

Reacting to such statements, Socialist MEP Pedro Márquez took the opportunity to “regret that the PSD is repeating this episode again by bringing national themes to the European Parliament.”

“The BJP and its governor have not failed in any of their functions; there is no doubt about their ability to do it on their own. Europe should not be used to continue the national election campaign,” he stressed.

The PSD MP criticized that “a responsible party that wants to be in government [esteja] to question such an important institution, and not the central bank of one’s country for election purposes.”

“Unfortunately, we are already accustomed to this and, from my point of view, the boundaries of decency and protection of national interests have been exceeded,” concluded Pedro Marquez.

In mid-October, the European People’s Party group, which includes the PSD, questioned the ECB about what it considered a violation of the institution’s code of conduct by the governor of the Bank of Portugal. Centrist MEP Nuno Melo did this earlier.

Meanwhile, the BdP opinion, which the ECB had been waiting for, was published on Centeno’s behavior, warning that the controversial invitation to the governor could damage the regulator’s image and recommending a commitment to protect the institution’s reputation.

However, the BJP’s Ethics Commission found that the governor had met his general conduct responsibilities.