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Next ECB boss Christine Lagarde (centre). 'Member-state governments have lost the will to pursue a capital-market or banking union, a common safe asset, joint fiscal and stabilisation policies, or most other reforms' (Photo: Chrstine Lagarde)

Lagarde's ECB must modernise

As the nominee to succeed European Central Bank president Mario Draghi in November, Christine Lagarde may be hoping that her job will be somewhat easier than that of her predecessor.

Yet the opposite is likely to be true.

Though Draghi was tasked with guiding the ECB through years of crises, Lagarde will have to pursue eurozone reforms at a time of deepening polarisation among member-state governments.

It will take all of her skills as a political mediator, crisis manager...

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Disclaimer

The views expressed in this opinion piece are the author’s, not those of EUobserver

Author Bio

Marcel Fratzscher is a former senior manager at the European Central Bank, and president of the think tank DIW Berlin and professor of macroeconomics and finance at Humboldt University of Berlin.\nCopyright © 2019 Project Syndicate.

Next ECB boss Christine Lagarde (centre). 'Member-state governments have lost the will to pursue a capital-market or banking union, a common safe asset, joint fiscal and stabilisation policies, or most other reforms' (Photo: Chrstine Lagarde)

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Author Bio

Marcel Fratzscher is a former senior manager at the European Central Bank, and president of the think tank DIW Berlin and professor of macroeconomics and finance at Humboldt University of Berlin.\nCopyright © 2019 Project Syndicate.

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