The imminent arrival of Christine Lagarde as president of the European Central Bank represents an opportunity – if not an obligation – to review the bank’s policy framework. The ECB can take credit for major achievements during Mario Draghi’s presidency – most importantly, stabilising the eurozone during the 2007-08 global financial crisis and ending speculation about the possible break-up of the single currency during the sovereign debt crisis in 2012. But the ECB’s strategy of...
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