The long game

Lagarde has her work cut out

13th October, 2019
Christine Lagarde: a charm offensive may be required

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...

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