Emily O’Reilly challenges ECB on ‘technical error’

European Ombudsman Emily O’Reilly is taking on the powerful ECB, asking why market-moving information was revealed to a select group of people including bankers and hedge fund managers in London.

This is the second time Ms O’Reilly has tackled the Frankfurt institution. Last year she successfully made it release a letter written to the Irish government on the eve of the bailout.

She has also announced an investigation into secretive negotiations that often amount to horse trading between EU institutions on the content of legislation that then applies to EU citizens.