Draghi Leaves It to Lagarde to Pick Up the Pieces
The incoming president of the European Central Bank will have to face down a revolt over her predecessor’s decision to restart quantitative easing.
Picking up the pieces.
Photographer: Alberto Pizzoli/AFP
It is not easy being in Christine Lagarde’s shoes. The incoming president of the European Central Bank has not yet presided over her first Governing Council meeting, but she will have to face down a revolt over the central bank’s decision to restart quantitative easing before she even starts.
Lagarde may want to thank Mario Draghi for pushing through such a momentous decision in the face of widespread opposition. But the former managing director of the International Monetary Fund will now need all her political skills to ensure that the ECB does not become unmanageable from the very beginning of her term.