Lagarde's ECB must adjust strategy, modernise policy tools

Berlin

As the nominee to succeed European Central Bank (ECB) president Mario Draghi in November, Christine Lagarde may be hoping that her job will be somewhat easier than that of her predecessor.

Yet the opposite is likely to be true. Though Mr Draghi was tasked with guiding the ECB through years of crises, Ms Lagarde will have to pursue eurozone reforms at a time of deepening polarisation among member-state governments. It will take all of her skills as a political mediator, crisis manager and effective communicator to safeguard the ECB's independence and effectiveness.