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The responses underline that even central banks, whose primary responsibility is fighting inflation, are not immune to staff dissatisfaction with the sharply rising cost of living. Results of IPSO's survey, which largely focused on pay and remote-working arrangements but also included questions about trust in the board, were sent to ECB staff on Tuesday in an email, seen by Reuters. INFLATION SURGE, PAY BATTLESThe survey was the first by IPSO to ask about trust in top management since Christine Lagarde took over as ECB President in late 2019. The most recent Bank of England staff survey, also conducted in 2019, showed 64% of respondents had "trust and confidence in the Bank's leadership". "The ECB might be preaching lower real wages, but this is not our stance as your staff union," it wrote in its message to ECB employees.
Results were sent to ECB staff on Tuesday in an email, seen by Reuters. An ECB spokesperson did not comment directly on IPSO's findings when asked but pointed to a separate staff survey, run by the ECB itself last year, showing that 83% of respondents were proud to work for the ECB and 72% would recommend it. The criticism by staff may sting because it relates to the core of the ECB's mission - wages and inflation. A similar IPSO survey of ECB staff, taken just before Lagarde's predecessor Mario Draghi stepped down, showed 54.5% of 735 respondents rated his presidency "very good" or "outstanding", with support for his policy measures even higher. "The ECB might be preaching lower real wages, but this is not our stance as your staff union," it wrote in its message to ECB employees.
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