Our internal model-based calculations suggest that only around a quarter of the fluctuations in the euro-dollar exchange rate since the summer of 2014 can be attributed to euro area monetary policy, while more than half of the variation reflects the evolution of US macro conditions as well as global risk factors (Chart 3).
Bankers are generally people of integrity. The selection process is highly sensitized in this respect. Still, some bad apples do escape or become rotten. Banks have to take extra care to have continuous vigil on their staff. Background checking for antecedents, checks and balances, periodic rotations, vigilance assessments, internal audits, etc.