Ferdinando Giugliano, Columnist

Christine Lagarde Does Whatever It Doesn't Take

The ECB president has raised fears that the central bank can no longer act as a stabilizing force for the euro zone.

March 12, 2020 at 4:52 PM UTC

Ferdinando Giugliano is a former Bloomberg Opinion columnist. He was previously a member of the editorial board of the Financial Times.

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Christine Lagarde has just blown a hole in Europe’s attempt to respond to the Covid-19 outbreak.

The president of the European Central Bank was expected to show on Thursday that she would support lenders, businesses and governments as they deal with an unprecedented health crisis. This was her chance to mimic her predecessor, Mario Draghi, who helped ease the sovereign debt crisis in 2012 by saying he’d do “whatever it takes” to save the euro.