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Politics, not policy will help Lagarde save the eurozone

Guntram Wolf, Rbecca Christie, (2019), «Politics, not policy will help Lagarde save the eurozone», PoliticoEu, 29 October

When Christine Lagarde was tapped to become the next chief of the European Central Bank, her detractors were quick to argue her appointment was a mistake. Though she has had a distinguished career as French finance minister and head of the International Monetary Fund, she has never run a central bank or even trained as an economist. Without that experience, how could she be up to the job? Such criticism misses the point completely. What’s needed now at the bank isn’t a mastery of monetary policy — the ECB has plenty of that in house. It’s the political skill that will be required to rebuild trust and consensus at a time of heightened contention.

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