Gathered in a German mountain castle last November for an evening retreat that e...
FRANKFURT - Gathered in a German mountain castle last November for an evening retreat that ended with a whiskey-tasting, rebel European Central Bank policymakers and Christine Lagarde, their newly confirmed president, made a pact.
Governors had to stop trashing policy decisions once taken and keep internal disputes out of the media, presenting a common external front, 11 sources — both critics and supporters of the ECB’s last, controversial stimulus package — told Reuters. But Lagarde has also made clear that Draghi’s disputed September stimulus package will not be revisited, and has kept on his key aides, architects of the plan.
Meeting proposals are now handed to governors up to a week in advance, some of the sources added, not just hours before for fear of leaks. Colleagues said Lagarde’s charm and approachability contrasted with the more aloof Draghi. She takes the staff elevators inside the ECB tower, asks people’s names and happily chats to colleagues.
Former colleagues at the IMF describe her as a tough negotiator whose strength was consensus-building.
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