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Lagarde: When It Matters Most: Upholding Independence in Challenging Times
“I want the bank to be in the hands of the government enough, but not too much.” Napoleon Bonaparte said these words six years after founding the Banque de France, just as he was tightening his grip on the institution.[ 1 ] Two centuries later, these words still capture a tension that sits at the heart of our profession. To best serve the public interest, a central bank must be close enough to the state – but independent enough to resist the pressures of the moment. The 1970s taught us a great deal about this. The “great inflation” of that decade was not caused by a lack of independence, but by oil shocks ... (full story)
Added at 2:19am
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ECB LAGARDE SAYS CENTRAL-BANK CREDIBILITY IS KEY IN NEW WORLD ORDER
— First Squawk (@FirstSquawk) May 28, 2026