
Lagarde, A Wise Owl Between Hawks and Doves
The handover of responsibility from Mario Draghi to the new president of the European Central Bank Christine Lagarde was marked by three aspects: two results, and one question. The two results regard the ability to implement unconventional monetary policies and the reliability of the Bank's institutional structure. The question regards the future. The first result can be appreciated by remembering that Draghi's term coincided with macroeconomic events that were extraordinary, in the literal sense of the term. The dual recession that the European Union suffered in the years between 2008 and 2013 ...