The European Central Bank (ECB) is entering a new era. The Frenchwoman Christine Lagarde has taken office as ECB President. The lawyer and former head of the International Monetary Fund (IMF) replaced Mario Draghi, whose eight-year term ended on 31 October.
Lagarde, formerly French Finance Minister, has already shown sympathy for a continuation of the ECB's ultra-loose monetary policy. However, she claims to take a closer look at possible negative consequences and side effects of the ECB's course. The worries of the people must be considered. In addition, the 63-year-old wants to expand the range of topics of the ECB to include social issues such as climate policy and the promotion of women.
First woman at the head of the ECB
Before the end of Draghi's term, Europe's monetary authorities had once again tightened their anti-crisis stance - against fierce resistance also internal resistance and to the chagrin of savers and banks. A package of measures against economic weakness was adopted, with higher penalty rates for banks, fresh billions for bond purchases and a cemented low interest rate for the time being.
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On the day of Lagarde's inauguration, protests against the central bank are expected. Thus, the anti-globalization movement Attac announced a demonstration. It demands that social criteria and environmental and climate protection be taken into account in future bond purchases by the ECB. In addition, the climate movements Fridays for Future and Extinction Rebellion have called for protests in front of the ECB building.
With Lagarde occupied for the second time since the founding of the ECB in June 1998 France the top posts in the common central bank. The first ECB president was the Dutchman Wim Duisenberg between 1998 and 2003, followed by the Frenchman Jean-Claude Trichet and the Italian Draghi, who held the office for the past eight years. In addition, for the first time a woman determines the fate of the ECB, which decides on the monetary policy for the Eurozone. The central objective of the central bank is price stability.