Philip Lane, Isabel Schnabel, Christine Lagarde and Joachim Nagel.
(Photo: Bloomberg, Reuters, dpa, mauritius images)
Frankfurt When it comes to showing determination, Christine Lagarde doesn’t shy away from drastic comparisons. “Inflation is a monster that we have to fight,” she said in the spring. The President of the European Central Bank (ECB) sees the fight against rising prices as a drama in several acts – she herself is the protagonist of this drama that started with the Covid pandemic, culminated with drastic interest rate hikes and is still waiting for the final curtain.
The central bank is likely to decide at least one further rate hike this week. It is still not clear what the long-term effects of the change in monetary policy will be and whether the stricter monetary policy will plunge the euro zone into a deep economic crisis. The first major fight against inflation in the history of the central bank ensured that roles and power shifted within the ECB, affecting Lagarde herself, but also many of her colleagues.
Lagarde – the crisis manager
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