The institution is meeting in Frankfurt to decide on its rates, while an investigation highlights the unhappiness at work of its employees, due in particular to an excessively heavy workload and internal power games.
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The European Central Bank is meeting on Thursday 18 July in Frankfurt to decide on its rates. But it is other figures that are worrying: for once, it is not about economic data but about the health of ECB staff. According to a survey, nearly 4 out of 10 employees suffer from burnout, i.e. physical and mental exhaustion. The study, commissioned by staff representatives, highlights an increasingly widespread malaise at work within the institution. And this is not without consequences.
The survey collected responses from almost a third of staff. Almost 1,600 of the ECB’s 5,100 employees responded to a standard questionnaire. “Do I have enough time to do my work? Are my efforts noticed? Am I exhausted after work?” are some examples of the 117 questions asked to employees of the European Central Bank. The results are clear: 38.9% of employees are in a situation of burnout. In four years, this rate has climbed by 5 points.
“There are human beings behind the economic models. If 4 out of 10 employees are in a situation of burnout, inevitably, it will have an impact on the quality of the work accomplished.”
Carlos Bowles, Chairman of the Staff Committee of the European Central Bankto franceinfo
Among the stress factors, employees cite the workload and the lack of recognition in their work. Nearly 7 out of 10 respondents also denounce favoritism and power games during promotions or internal recruitment. For Carlos Bowles, the chairman of the personnel committee, this exhaustion of employees has a direct influence on the decisions and forecasts of the monetary institution. “For two years, many people have been wondering whether inflation forecasting errors are linked to the validity of the economic models used.”observes the president.
“When what matters to advance in your career and keep your job is not contradicting your boss… Well, s“He tells us that inflation is temporary, we are not going to tell him otherwise. Otherwise, we know very well what we risk in the end.”worries Carlos Bowles. The European Central Bank’s management says it takes the health and well-being of its staff very seriously. It also points out that in a recent survey, 85% of employees said they were proud to work for the institution.
