Monetary policy works slowly. It is therefore difficult to directly assess the success or failure of central bankers. In the case of Christine Lagarde, the current President of the European Central Bank (ECB), it is now becoming clear that her term in office will not be judged on whether monetary policy has become “greener”. She made that clear three years ago when she took office in Frankfurt at her first press conference. But it is now more than clear that in retrospect the Frenchwoman will be judged on whether she managed to get the record high inflation in the euro zone of 9.1 percent under control.
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