Christine Lagarde. Picture: REUTERS/FRANCOIS LENOIRSince taking the helm a year ago, Christine Lagarde has turned the European Central Bank’s attention to social issues such as climate change and inequality, broadening its horizons but also opening it to attacks that could test its independence.s leverage to fight global warming, gender imbalance or income inequality may have been overshadowed by the coronavirus pandemic and the ensuing, deep recession.
What it will mean in practice depends on the outcome of the overarching review the ECB is currently carrying out — its first in 17 years. But Lagarde has already hinted at giving up market neutrality in asset buying and giving climate risk greater consideration.s mandate is already irking some, however, particularly in Germany, who say the ECB is turning political by meddling in social policy without the authority or the right tools to do so.
“If it wants to retain its independence and remain relevant to society, it needs to listen and demonstrate it wants to help.” Clemens Fuest, head of the influential Ifo Institute, has called out Lagarde, arguing that her climate change plans were undemocratic, while Friedrich Heinemann, a leading researcher at the ZEW, says the ECB had no mandate for many of those social considerations.
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