As the world emerges from the coronavirus lockdown, the European Union is navigating the economic effects and charting the recovery. Christine Lagarde, the first woman to serve as president of the European Central Bank, joins Washington Post columnist David Ignatius to talk about leading the euro zone's monetary policy and how the new shape of the post-COVID-19 global economy will affect job security, public health and safety and deglobalization. Join Washington Post Live on Wednesday, July 22 at 9:15 a.m. ET. (The Washington Post)
July 22 at 9:15 a.m. ET

The Path Forward: The Global Economy

As the world emerges from the coronavirus lockdown, the European Union is navigating the economic effects and charting the recovery. Christine Lagarde, the first woman to serve as president of the European Central Bank, joined Washington Post columnist David Ignatius to talk about leading the euro zone’s monetary policy and how the new shape of the post-COVID-19 global economy will affect job security, public health and safety and deglobalization.
Highliights
European Central Bank President, Christine Lagarde, weighed in on analysts worrying about the solvency of European banks, and what distinguishes European banks from those in the U.S., She said with regard to the European banks, “Their profitability is lower…I wouldn’t say that European banks have solvency issues, not at all. I would say that what would be desirable is…more consolidation.”
  • Jul 22
European Central Bank President, Christine Lagarde, describes her view of the acceleration of transformations in the post-pandemic global economy, and what those transformations are, Lagarde said: “An economy that is more green, that is more digital, and that will value proximity more than it did before…Will that entail industrial sunset in some countries, and the rise of new supply chain that will be more partner based and more into proximity than into cost-cutting…It would seem like it…Everybody is rethinking and reconsidering."
  • Jul 22
European Central Bank President, Christine Lagarde, says forecasters do not see the post-COVID recovery as W-shaped. “No. No they don’t…This recovery is uneven, is uncertain. It’s the first time we’re actually making a projection. We had operated on the basis of scenarios before that…It’s going to be touch and go.” When asked if she sees the economy “falling off a cliff again,” Lagarde said, “Based on what we know, and barring any massive second wave, we certainly don’t see this W that you’re talking about, no.”
  • Jul 22
European Central Bank President, Christine Lagarde, says the ECB is pushing for green bond portfolio and dismisses critics who say the Central Bank should not be involved in green bond deals, Lagarde said price stability can be significantly affected by climate change, resulting in the bank needing to take climate change into account, and take action against climate change to increase stability. “40 percent of green bonds around the world are issued in Europe…We buy 20 percent of all available green bonds. Apart from that, most of our purchases are not directed at corporate bonds…Most of our purchases are directed at sovereign bonds…It is for governments, policy makers to decide how much they want to respect or comply with the Paris Agreement that they’ve signed…Directionally what I hope we achieve is being more active on the green bond sector that will itself be expanding…We need to explore every activity that we have to see how climate change and the risks associated with climate change would affect our policies.”
  • Jul 22
Christine Lagarde
President, The European Central Bank
President of the European Central Bank since November 1st, 2019 Born in Paris in 1956, Christine Lagarde completed high school in Le Havre and attended Holton Arms School in Bethesda (Md, USA). She then graduated from law school at University Paris X, and obtained a Master’s degree from the Political Science Institute in Aix-en-Provence. After being admitted as a lawyer to the Paris Bar, Christine Lagarde joined the international law firm Baker & McKenzie as an associate, specialising in labour, anti-trust, and mergers and acquisitions. A member of the Executive Committee of the Firm in 1995, Christine Lagarde became the Chairman of the Global Executive Committee of Baker & McKenzie in 1999. Christine Lagarde joined the French government in June 2005 as Minister for Trade. After a brief stint as Minister for Agriculture and Fisheries, in June 2007 she became the first woman to hold the post of Finance and Economy Minister of a G7 country. From July to December 2008 she also chaired the ECOFIN Council, which brings together Economics and Finance Ministers of the European Union. As a member of the G20, Christine Lagarde was involved in the Group's management of the financial crisis, helping to foster international policies related to financial supervision and regulation and to strengthen global economic governance. As Chair of the G20 when France took over its presidency for the year 2011, she launched a wide-ranging work agenda on the reform of the international monetary system. In July 2011 Christine Lagarde was elected the 11th Managing Director of the International Monetary Fund (IMF), and the first woman to hold that position. In February 2016 she was selected to serve a second five-year term. She resigned from the IMF on 12 September 2019 following her nomination as the first woman to be appointed President of the European Central Bank. In 2019 Christine Lagarde was ranked the second most influential woman in the world by Forbes magazine. She has often been named by Time magazine as one of the 100 most influential people in the world. Christine Lagarde was named Officier in the Légion d'honneur in April 2012. A former member of the French national team for synchronised swimming, Christine Lagarde is the mother of two sons.
David Ignatius
The Washington Post
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