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World Newswas expecting something more quiet

was expecting something more quiet

European Central Bank (ECB) President Christine Lagarde gestures as she addresses a information convention on the result of the assembly of the Governing Council, in Frankfurt, Germany, March 12, 2020.

Kai Pfaffenbach | Reuters

LONDON — European Central Bank President Christine Lagarde has advised CNBC that she thought her tenure on the Frankfurt-based establishment would have been a bit “more quiet.”

At the helm of the euro zone’s central financial institution since Nov. 2019, Lagarde has been confronted with some main challenges — the most important of all of them being the coronavirus pandemic.

“It has been very different from what I had expected in the first place. I wasn’t expecting a walk in the park, but I was expecting something more quiet than what we had,” Lagarde advised CNBC’s Annette Weisbach in an unique interview Thursday.

“The first thing that really hit our radar screen was the Covid crisis, where, you know, one country after the other locked down, stopped its activity and where we had to respond extremely fast,” she mentioned.

The ECB was the primary European establishment to react to the unfolding disaster in March 2020, by offering completely different rounds of stimulus measures to help the euro space.

But there was a lot more on Lagarde’s plate.

Two months after the primary Covid-19 lockdowns in Europe, the German constitutional courtroom dominated that elements of earlier stimulus actions by the central financial institution had been unlawful beneath German regulation. This sparked unprecedented authorized, but additionally financial coverage, questions.

“Then I had certain issues with some national court that wanted to challenge the validity of what had been done,” Lagarde advised CNBC.

“I had initially planned on starting a strategy review — which had not taken place in the last 17 years at the central bank. We started it, we suspended it and we started it again, and now we have completed that. So, all together it has been a very, very busy couple of years with massive engagement to support economic activity,” she mentioned.

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