The long game
Lagarde has her work cut out
In the 1990s, selling the Germans on the euro was hard. Even if they liked the idea of Europe’s “ever closer union”, they loved the deutschmark even more. That’s because they trusted Germany’s conservative central bank.
As Jacques Delors, a Frenchman and former president of the European Commission, put it: “Not all Germans believe in God, but they all believe in the Bundesbank.”
This history casts a long shadow over the equally French ...
