Paranoia Strikes Shallow

OK, this is bizarre:

ECB President Mario Draghi is being investigated by the EU’s ombudsman over his role in the Group of Thirty lobby group, the German magazine Der Spiegel reported Monday in its online edition.

EU Ombudsman Nikiforus Diamandouros has asked the ECB to report back by the end of October on Draghi’s role in the G30 and whether his membership could be considered a conflict of interest, according to Der Spiegel.

The EU’s ombudsman is charged with fielding and investigating complaints lodged against EU institutions by citizens or associations.

The G30 is a lobby group of senior bankers and economists, including some former and current central bankers.

I’m a member of the G30, and have been since 1988. If it’s a lobbying group, nobody told me. It’s a talk shop; I value it because I get a chance to hear what people like Trichet and Draghi have to say in an informal setting. No illusions on my part — they’re pitching a case, always; and while I’ve heard some smart things from people with a role in real-world decisions, I’ve also heard a lot of very foolish things said by alleged wise men. But then that’s a learning experience too.

Of all the things to worry about right now, the great G30 conspiracy is really off base.

NYT