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Abstract:FRANKFURT (Reuters) – One in three managers at the European Central Bank is German, giving the ECBs host country an ever bigger representation than its size would imply, ECB data showed on Thursday.
div classBodysc17zpet90 cdBBJodivpFRANKFURT Reuters – One in three managers at the European Central Bank is German, giving the ECBs host country an ever bigger representation than its size would imply, ECB data showed on Thursday.p
pThe ECB‘s first breakdown of its staff and management by nationality also showed that France, the euro zone’s secondlargest country, was underrepresented at the euro zones central bank, which has been headed by Frenchwoman Christine Lagarde since 2019.pdivdivdiv classBodysc17zpet90 cdBBJodiv
pThe table, published as part of the ECBs annual report and reproduced below, showed Germans accounted for 31.3 of the managers and 27.7 of the roughly 4,000 staff at the Frankfurtbased institution.p
pThis is above the country‘s 21.4 share of the ECB’s capital, which is based on the size of a countrys economy as well as its population, and is used by the central bank when allocating profits and financial firepower.p
p“Uptodate figures will be provided annually in this report,” the ECB said.p
pWith 10.8 of the ECBs managers and 7.2 of staff, France was below its own 16.6 stake in the ECB, even lagging Italy and Spain in terms of representation at senior levels.p
pSome smaller countries like Portugal and Ireland, however, were punching above their weight. p
pBritons still accounted for 4.6 of all ECB employees and 3.8 of managers at the end of last year despite Britain leaving the EU in 2020 – likely because they had joined the central bank before Brexit.p
pOnly EU citizens can join the ECB, irrespective of whether their country uses the euro as its currency. p
p
pp Reporting By Francesco Canepa Editing by Hugh Lawsonp
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