Europe is threatened by recession, war and a deep economic crisis. Christine Lagarde, the head of the European Central Bank, is fighting a steep increase in prices as the continent experiences its worst inflation since the introduction of the common…
It's exactly five minutes past seven when Christine Lagarde's spokesperson receives the message that she will pull up at any moment at the agreed to meeting point, a brightly lit Aral gas station in her neighborhood. He had suggested getting there a little bit earlier than absolutely necessary because of the many traffic lights in the area. You never know. He ordered a cab with plenty of time to spare, leaving him with a 20-minute wait at the gas station.
The ECB is an organization with more than 3,500 employees that is responsible for the stability of the world's second-most-important reserve currency after the dollar. It is also the only major central bank responsible for an entire currency area and not just a single country.As her official car pulls up at the forecourt of the ECB, Lagarde remembers that she's about to be photographed.
She has about a half hour now to continue studying the files. Then the Governing Council will meet to set the key interest rate, the rate at which commercial banks can borrow money from the ECB. She takes the stairs to the 41st floor. The Council members stand together in groups outside the meeting room and drink coffee.
Christine Madeleine Odette Lagarde, born on January 1, 1956, in Paris, is the eldest of four siblings and the only girl among them. She grew up in Le Havre, the port city in northern France. Her father was a university professor and her mother a teacher, who attached great importance to good manners and was convinced that she was of aristocratic origin. She did genealogical research and had a noble ring minted with the coat of arms of her family.
Mario Draghi was a dove, a champion of low interest rates, and he stayed true to his low interest rate policy until the end of his term in October 2019. He wasn't swayed by the misgivings that many held at the time. He made allies with a few key people and trusted that the rest of the Council would follow him. The hawks, including the president of Germany's central bank, the Bundesbank, felt left out, and the mood in the Council grew increasingly hostile.
The critique of Lagarde is that she should have raised rates sooner than July, when she made her first rate move from zero to 0.5 percent. Some economists claim that she underestimated the consequences of the Ukraine war, the sudden rise in energy prices, and now had to raise interest rates all the more vigorously. The risk of overdosing the economy may be higher now.
The press conference is held in a room accessed directly from the lobby. It is equipped like a TV studio, with modern cameras, lighting and staging. But she somehow manages to maintain her composure. You don't even notice that she suddenly has to read from the page, and after a few minutes the teleprompter starts up again. The first part is done. All that remains now are the journalists' questions, a final test of credibility. Can she also talk about monetary policy spontaneously?
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