, Columnist
The ECB Is Moving Closer to All-Out War
After Sabine Lautenschlaeger’s sudden and unexpected departure, Christine Lagarde’s job is looking harder than ever.
Fear and loathing in Frankfurt.
Photographer: David Paul Morris/Bloomberg
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It’s all kicking off at the European Central Bank.
Sabine Lautenschlaeger, the executive board member from Germany, is to resign at the end of October, slightly more than two years before the end of her mandate. Her exact motives are unknown, but they add to a sense of chaos at the central bank barely a month before a crucial leadership change. Christine Lagarde, who’s taking over from Mario Draghi in November, will have a very tough job ensuring the ECB keeps running effectively.