Newly installed European Central Bank President Christine Lagarde made controversial remarks in a recent statement prior to assuming her new role. The former IMF Managing Director implored: “isn’t it true that ultimately we have done the right thing to act in favour of jobs and of growth rather than the protection of savers?” Regarding former president Mario Draghi and the ECB’s negative interest rate policy, she went on to imply that people should be grateful for the job policies, savings protected or not.
Easy for You to Say, Lagarde
Some commentators were taken aback by the bold remarks reported Wednesday, with one Twitter user remarking: “translation: You should be happy to be slaves.” Another felt Lagarde’s words embodied “The old mantra to make the tax slaves think they would be jobless without the government protecting them. Propaganda doesn’t work when you’re enlightened by Bitcoin.”
In her address, the new ECB leader chided the German and Dutch governments for not investing their budget surpluses in causes she deems worthy, such as infrastructure, education and innovation to “allow for a better rebalancing.” As far as the common folk go, the bigwig of financial policy noted in blatantly direct fashion:
We should be happier to have a job than to have our savings protected … I think that it is in this spirit that monetary policy has been decided by my predecessors and I think they made quite a beneficial choice.
Who Is ‘We’? – Poverty In the EU
When Lagarde says “we” one is inclined to wonder who exactly she is talking about.