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Ciao Mario Draghi, Bienvenue Christine Lagarde
Investment Solutions - Chief Investment Officer

Dear Investors,


This week we discuss Mario Draghi’s legacy at the helm of the European Central Bank, and what Christine Lagarde’s job might look like.


Key takeaways:


  • Mario Draghi leaves the ECB having changed its philosophy and opened up the central bank up to unorthodox, and largely effective, monetary policy. It may well have saved the eurozone.
  • His replacement, Christine Lagarde, will need all her political experience to forge a new mandate for the bank. Her tenure will require a coordination between fiscal and monetary policy.
  • Growth in the eurozone remains fragile, and the ECB’s ability to act is sharply diminished. The economy needs investment, but recovery is also dependent on a meaningful resolution to the US-China trade dispute and to Brexit.


Best regards,


Stéphane Monier
Chief Investment Officer, Lombard Odier Private Bank

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