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Christine Lagarde Has 2008 Déjà Vu (Mrs. Lancaster)
Christine Lagarde is concerned.
Specifically, she's worried that without a coordinated policy response across Europe in the face of the COVID-19 outbreak and, now, an oil price war that shattered whatever was left of market sentiment, the world "will see a scenario that will remind many of us of the 2008 Great Financial Crisis".
That's according to a person familiar with comments the new ECB chief made on a conference call late Tuesday.
To be sure, she has reason to be concerned. Europe is
Beginning of the end for the euro?
What does Germany look like if they mark their receivables from the other ECB members down to “fair value”? They are never going to be repaid- maybe cut their losses and stop throwing “good money after bad”?
Especially since it does not look like the rest of Europe will be buying as much “stuff” from Germany