Lagarde’s thoughts on ECB policies
Bloomberg has a nice recap of all of Lagarde’s comments on ECB policies like QE and negative rates.
“Many of the right decisions have been taken. Most recently, initiatives by major central banks — the European Central Bank’s OMT bond-purchasing program, QE3 by the U.S. Federal Reserve, the Bank of Japan’s expanded Asset Purchase Program — are big policy signals in the right direction.” – Sept 24, 2012.
The entire collection is dovish. The risk is that those comments are part of her job at the IMF.
One thought that’s doing the rounds is that Lagarde’s real job at the ECB will be to push eurobonds forward and eventually the United States of Europe. That’s a compelling argument because closer ties is something she’s always pushed for and it would be part of the mandate implicitly coming from Macron and Merkel.
“Our goal should be clear: Restarting convergence and ensuring the fruits of economic growth are shared broadly across the EU. This will help restore faith in the European project.” – Feb 14, 2019.
