Tomorrow the European Parliament will host a hearing with Christine @Lagarde, in order to confirm her appointment as #ECB president. Ahead of the session, Lagarde answered 70 questions from MEPs - we read them all so you don't have to. THREAD👇…
1/ On the positives: Lagarde wants the #ECB to make climate change a priority. She committed to ensure the ECB plays an active role in the @NGFS_ and, "as soon as such a taxonomy is agreed, the ECB will need to assess whether and how it can apply it to QE."
2/ However @Lagarde is obstinate to follow the business as usual "market neutrality" approach of the #ECB in Corporate QE. We're still wondering how mirroring markets in portfolios is consistent with the need to cope with market failures and create new investment incentives. 🤔
3/ She is also in favour of a #GreenNewDeal, although in her response to Q39 she remains rather vague and noncommittal on whether the #ECB should purchase more EIB bonds (the ECB clearly can).
4/Another positive: @Lagarde clearly endorses the need for a review of the ECB's monetary policy framework. Given the inability of the #ECB to achieve its mandate for the last 6 years, such review is long overdue 👉…
5/ We also welcome @Lagarde's commitment to improve the diversity of the #ECB staff - not just of gender. We hope Lagarde has in mind diversity of education, social backgrounds and political views. It is key that the ECB's diversity efforts find support in the ECB's top floors.
6/ On the negatives, @Lagarde rejects the Chicago plan / "narrow banking" reform proposal. Her rebuttal is wrongly based on the assumption that governments would take over the control of the entire money supply. This does not need to be the case. #ECB
We hope MEPs will push Christine @Lagarde to raise her game. We will be closely monitoring & live-tweeting the hearing tomorrow in the European Parliament's ECON Committee. Tune in tomorrow at 10:30am! 📽️🔴livestream link:…
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