If you don't have SERIOUS concerns regarding banking then read this! C .Lagarde puts down Germany and Netherlands for LIVING WITHIN THEIR MEANS!

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Any hopes that the replacement of Mario Draghi, who on Halloween left the ECB more polarized than ever, as the core European nations revolted against the Italian's profligately loose monetary policy in an unprecedented public demonstration of discord within the European Central Bank

... with the ECB's new head, former IMF Director and convicted criminal, Christine Lagarde would result in some easing of tensions, were promptly crushed when Lagarde picked up where Draghi left off, calling on Germany and the Netherlands to use their budget surpluses to fund investments that would help stimulate the economy, in a sharp rebuke that will not win the former French finance minister any friends in fiscally conservative Germany.

In an appeal to Germany's sense of solidarity, and in hopes that Germany's memory of hyperinflation has faded enough, Lagarde said that there "isn’t enough solidarity" in the single currency area, adding: “We share a currency, but we don’t share much budgetary policy for now."

"Those that have the room for manoeuvre, those that have a budget surplus, that’s to say Germany, the Netherlands, why not use that budget surplus and invest in infrastructure? Why not invest in education? Why not invest in innovation, to allow for a better rebalancing?" asked Lagarde, blaming Germany and the Netherlands for living within their means, and demanding they should no longer do so, just because most other Europeans decided to pull a page out of the American playbook, and live exorbitantly outside of their means.

Lagarde's direct attempt at shaming Europe's fiscal conservatives was nothing short of shocking: normally ECB officials avoid naming individual countries in public statements, because their mandate is to act in the interests of the eurozone as a whole. But when Lagarde made her speech she had not yet officially taken over at the Frankfurt-based institution — she succeeds Mario Draghi on Friday

Last Edited by Don Of N*******t on 11/04/2019 01:56 AM