Europe’s ‘limited responsibility’ model must go

[FLORENCE] The Financial Times recently reported that European Central Bank (ECB) president Christine Lagarde may step down before her term expires in 2027.

Although she has since said that her “baseline” intention is to stay on, that has not ended the speculation. Should she decide to leave, a politically fraught process to appoint a new ECB president would begin.

It is both ironic and telling that rumours of Lagarde’s early departure emerged just after she had offered her own strategic vision for the European Union as it confronts a rapidly changing global order.