Christine Lagarde is now set to be the new president of the European Bank.
There are many unique qualities in Lagarde. She is the first woman to lead the International Monetary Fund. Though she has no experience in monetary policy she has handled big jobs in global finance. She has good communication skills too. She will be joining the ECB on November 1.
The ECB is one of the most important central banks and requires extreme skill and talent. She has led France as the finance minister when the global crisis was on. She has also organized for a bailout at the IMF for both Greece and Argentina.
Once again, she is holding one of the top positions, particularly when the ECB is at one of its most “delicate moments”, as she calls it. With the global slowdown especially pronounced in Europe, the job is most challenging for Lagarde. The estimated GDP in the eurozone is at 1.2 percent per year which is very low.
In the Eurozone, Italy is facing high debt problems. Britain is facing exit plans from the EU. Lagarde will be joining duty exactly when Britain is leaving the European Union. European Council President Donald Tusk has however described her as a “perfect president” for the ECB.
The previous president of the ECB Draghi had not raised interest rates at all and hence nothing more can be done on this. Analysts expect Lagarde to continue with Draghi’s positive policy.
In 2011, Lagarde was the first woman to head the IMF. She took over from Dominique Strauss-Kahn. She was working with Draghi and Angela Merkel, the German Chancellor too, during this period.
At the G20 meeting, she was seen speaking to British Prime Minister Theresa May and French President Emmanuel Macron. She was also seen showing her annoyance when President Trump’s daughter was trying to get into the conversation at the G20 meeting.