JP Marín-Arrese | Christine Lagarde’s nomination ensures the ECB will fully preserve Draghi’s heritage. It will certainly deliver a substantive loosening in monetary policy over the coming months. Everyone expects the first move to materialise this week, probably a rate cut. Anything short of a clear message in the coming press conference would deeply disappoint the markets. Whatever happens next Thursday, more robust action will materialise before the year close.
In an internal report, the IMF has confessed to errors linked to the bailouts in which it participated during the euro crisis, according to what Ambrose Evans-Prichard tells us. Just what the euro needed: explicit recognition, in black and white, that nothing could be done about the “infamy of competitive devaluation.”
MADRID | By Julia Pastor | Bilbao’s Guggenheim Museum, architectural symbol of modernity and refurbishment, has been chosen to hold the international forum celebrating economic recovery. Among VIP guests: IMF’s head Christine Lagarde, OECD’s secretary Ángel Gurría and Eurogroup’s president Jeroen Dijsselbloem, along with four major international Spanish companies such as Inditex, Telefónica, BBVA and Ibedrola. However, social agents and NGOs who had a key role during the crisis supporting families in severe need have not been invited.
By Miguel Navascués, in Madrid | There has always been tension between the IMF and those countries under its analysis over the numbers in the fund’s economic…