Dutch parliament on Wednesday sent a formal letter to the European Central Bank ...
FILE PHOTO: European Central Bank President Mario Draghi holds a news conference in Frankfurt, Germany, January 24, 2019. REUTERS/Kai Pfaffenbach/File Photo
The letter, addressed directly to ECB President Mario Draghi as the bank’s governing council gathers for a policy meeting, ignores the convention that central banks should be free of political pressures. The Dutch civil servants’ pension fund ABP, with 451 billion euros of assets under management, will be forced to cut pensions next year on current forecasts, an explosive political issue in the Netherlands.
“The negative interest rates of the ECB disproportionately hit the Dutch pension funds,” he told Reuters.
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