A new boss at the ECB
was asked last year whether she was interested in a job in Europe, the head of the. “I have a very important job here that I want to do and I’m not going to leave that beautiful vessel when there might be rough waters out there.” But the vagaries of European politicking are such that on July 2nd she was anointed successor to Mario Draghi at the European Central BankThe decision comes as a surprise to bank-watchers.
Ms Lagarde is right to worry about choppy waters. The euro area’s economy has been hammered by a slowdown in global trade and the lingering threat of a trade war. Mr Draghi has more or less committed himself to providing more stimulus should the economic situation fail to improve. But interest rates are already negative, and quantitative easing is near the bank’s self-imposed limits.
Ms Lagarde’s comments over the years suggest that she will steer broadly the same course as Mr Draghi. She supported his pledge to do “whatever it takes” to preserve the euro and was an early advocate of quantitative easing, says Andrew Benito of Goldman Sachs, an investment bank.
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