HomeCBDCDigital Euro UpdatesDiscussion with Redaktionsnetzwerk Deutschland

Discussion with Redaktionsnetzwerk Deutschland

In an interview with Christine Lagarde, President of the European Central Bank, she confirms that she still does her own grocery shopping and pays her own bills. She acknowledges that she is aware of the rising prices and expresses concern about the impact on her family’s business. Lagarde explains that the ECB’s role is to maintain price stability and take action if it is in danger. However, she emphasizes the need to understand the source of the price increases, such as energy prices and supply bottlenecks, before taking any action. She dismisses the idea of raising interest rates as a solution, as it could weaken the economy and jeopardize jobs. Lagarde reveals that the ECB has already taken measures, such as discontinuing the pandemic emergency purchase program, and will continue to analyze inflation figures before deciding on further actions. She defends the ECB’s cautious approach compared to other central banks, stating that the euro area’s economy is not overheated like the US and UK economies. Lagarde also addresses concerns about “greenflation” and the impact of decarbonization on prices, stating that the current impact is minimal. She discusses the potential threat of second-round effects, such as higher wage settlements, but notes that wage demands are currently moderate. Lagarde mentions the ECB’s plans to redesign euro banknotes and suggests portraying famous Europeans as a way to showcase European identity. She also discusses the introduction of a digital euro, stating that it would provide an answer to private cryptocurrencies and strengthen Europe’s sovereignty in digital payments. Lagarde concludes by stating that the ECB will remain the guardian of the euro, whether digital or analogue, and that cash will continue to exist alongside digital payments.

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