Yves here. While hypocrisy is hardly uncommon in official circles, it is supposed to be kept well out of public view.
By Stephan Ewald, who works in the financial sector and lives in Cologne, Germany. He contributes to the blog http://www.wiesaussieht.de and you can follow him on Twitter at @StephanEwald
On its website the European Central Bank proclaims the mission of the Eurosystem (emphasis mine):
The Eurosystem, which comprises the European Central Bank and the national central banks of the Member States whose currency is the euro, is the monetary authority of the euro area. We in the Eurosystem have as our primary objective the maintenance of price stability for the common good. Acting also as a leading financial authority, we aim to safeguard financial stability and promote European financial integration.
Since the start of the Eurosystem our brave inflation warriors at the ECB regularly praise themselves what a heck of the job they are doing about their primary objective the maintenance of price stability. But yesterday the German Daily Frankfurter Allgemeine Zeitung (FAZ) published an article (German), that our guardians of price stability fight another good fight. The employees of the ECB want their own pensions to be inflation protected.
So the same folks who lecture member states of the Eurozone about the danger of private sector labor and pension contracts being inflation-indexed because of moral hazard want their own pension contracts inflation-indexed. For this fight to be successful ECB employees deploy a very evil institution: the central banker union IPSO. According to the FAZ article a former employee sued the ECB with the help of IPSO at European Court of Justice.
Which begs the question: what hypocritical morons are working at the European Central Bank?