ECB President Lagarde's BIS Remuneration Sparks Internal Criticism
Christine Lagarde's receipt of €140,000 from the Bank for International Settlements has drawn criticism from ECB staff due to existing bans on external payments.
European Central Bank (ECB) President Christine Lagarde has disclosed receiving 130,457 Swiss francs (€142,700) in 2025 for her role on the board of the Bank for International Settlements (BIS). This revelation has prompted internal criticism, as ECB staff are generally prohibited from accepting external payments related to their professional duties.
An ECB employee expressed frustration, stating, "We mortals can't take the BIS allowance." The ECB clarified that Lagarde, as a high-level official, operates under a separate code of conduct, distinguishing her from general staff members. The bank emphasized that her BIS role involves significant governance responsibilities and associated legal risks, justifying the additional remuneration.
Comparatively, other central bank leaders handle BIS compensation differently. For instance, the Chairman of the Federal Reserve and the Governor of the Bank of England do not claim their BIS salaries, with U.S. law prohibiting officials from accepting payments from foreign institutions.
With her combined income streams, Lagarde is currently the highest-paid official in the European Union, earning an estimated €743,000 annually.
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