At the very start of the Covid crisis, in March 2020, Christine Lagarde, president for a few months of the European Central Bank, had made a blunder that she would regret for a long time.
Faced with a dangerous gap in borrowing rates between Germany (which is the benchmark) and Italy, she said:
"We are not here to tighten the '
spreads
'
"
,
this differential between two interest rates which weighs on the solvency of the country.
In the months that followed, the ECB had demonstrated the opposite: it did everything to keep the Italian rate at its lowest, having bought back, at the end of April 2022, 723 billion euros of Italian debt.
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Now the danger is looming again, in an even more tense context.
The board of governors of the central bank meets this Thursday, exceptionally in Amsterdam, in the Netherlands.
A country known for its virtuous budgetary management and whose "hawk" governor Klaas Knot is hardly versed in monetary support for the most fragile countries...
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