Lagarde And The Euro: Why The ECB Will Never Deliver A Global Reserve Currency

In her speech, Christine Lagarde painted an unusual overall picture – a narrative that clearly fits into the ongoing currency war with the United States. Between the lines, she suggested a general loss of confidence in the U.S. dollar, without explicitly naming the supposed culprit. She implied that Donald Trump’s abandonment of climate policy and deregulation of the U.S. economy was erratic, shaking investor confidence in the American capital market.