During a speech in Frankfurt’s Frankfurt European Banking Congress (ECB) on Friday, the President of the European Central Bank (ECB) Christine Lagarde broke tradition and spoke more about politics than policy. As the sole ex officio representative of the entire eurozone, Lagarde made her first significant speech

stepping out of her predecessor’s shadow. Unlike Mario Draghi, Lagarde ventured away from monetary policy and spoke unapologetically about budgetary policy, which is not her remit.

During her speech, she promised to learn better German, but she also called into question the predominantly German export-led model.

“The answer lies in converting the world’s second-largest economy into one that is open to the world but confident in itself – an economy that makes full use of Europe’s potential to unleash higher rates of domestic demand and long-term growth,” Lagarde said.


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