'I was expecting something more quiet,’ Lagarde admits on her ECB top job

3 weeks ago

European Central Bank (ECB) President Christine Lagarde gestures arsenic she addresses a quality league connected the result of the gathering of the Governing Council, successful Frankfurt, Germany, March 12, 2020.

Kai Pfaffenbach | Reuters

LONDON — European Central Bank President Christine Lagarde has told CNBC that she thought her tenure astatine the Frankfurt-based instauration would person been a spot "more quiet."

At the helm of the euro zone's cardinal slope since Nov. 2019, Lagarde has been confronted with immoderate large challenges — the biggest of them each being the coronavirus pandemic.

"It has been precise antithetic from what I had expected successful the archetypal place. I wasn't expecting a locomotion successful the park, but I was expecting thing much quiescent than what we had," Lagarde told CNBC's Annette Weisbach successful an exclusive interrogation Thursday.

"The archetypal happening that truly deed our radar surface was the Covid crisis, where, you know, 1 state aft the different locked down, stopped its enactment and wherever we had to respond highly fast," she said.

The ECB was the archetypal European instauration to respond to the unfolding situation successful March 2020, by providing antithetic rounds of stimulus measures to enactment the euro area.

But determination has been overmuch much connected Lagarde's plate.

Two months aft the archetypal Covid-19 lockdowns successful Europe, the German law court ruled that parts of erstwhile stimulus actions by the cardinal slope were amerciable nether German law. This sparked unprecedented legal, but besides monetary policy, questions.

"Then I had definite issues with immoderate nationalist tribunal that wanted to situation the validity of what had been done," Lagarde told CNBC.

"I had initially planned connected starting a strategy reappraisal — which had not taken spot successful the past 17 years astatine the cardinal bank. We started it, we suspended it and we started it again, and present we person completed that. So, each unneurotic it has been a very, precise engaged mates of years with monolithic engagement to enactment economical activity," she said.