La capitana de un BCE enfrentado a crisis constantes

Christine Lagarde has announced her resignation from the presidency of the European Central Bank (BCE) in February, putting an end to a tenure marked by several crisis moments, such as the global pandemic, the inflation shock caused by the Russia-Ukraine war, and the new shock of energy prices. She leaves her position in the same manner as she departed from the International Monetary Fund, before the end of her mandate and with her sights set on a new destination yet to be revealed.

Lagarde's reputation remains intact, if not enhanced, after successfully navigating a ship, the BCE, subjected to numerous unexpected crises during her time as president. It was not easy.

Lagarde arrived at the BCE to replace Mario Draghi, the man responsible for saving the euro. The focus was on the fact that she was not an economist, but a jurist, and her political character was evident. The task began with difficulty, as soon after she started her tenure in Frankfurt, the global pandemic broke out with unpredictable economic consequences.

Lagarde failed to stabilize the debt market and prevent a new sovereign crisis, but she persevered with extraordinary purchases and unwavering determination, ending up being one of the main reasons the European economy survived the pandemic with minimal destruction of businesses and employment. An indefatigable worker, her colleagues in the institution attest to her resilience.

Lagarde quickly took hold of the reins of the central bank and successfully dealt with the inflation shock that followed the Russia-Ukraine war. She lowered interest rates from negative levels to record lows to contain inflation, changed the central bank's monetary strategy to equip it with tools to navigate periods of suppressed prices as well as the current period filled with exogenous shocks.

Above all, she kept the central bank united, far from the riots of the Draghi era. Her fellow board members will miss their captain.