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Christine Lagarde will soon be talking for three quarters of an hour. Confident and serious, as serious as nine or ten percent inflation calls for out there. Her gray suit underlines the mood, only a violet scarf brings some color into the picture. The ECB President is responsible for four massive interest rate hikes in six months, and on this afternoon just before Christmas, Lagarde conveys that she has finally gained the upper hand in the fight against inflation. Until a British journalist asks how she intends to deal with the impending losses for the central banks of the Eurosystem.

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