Reports on central banks See all

President of Germany’s federal bank and its vice-president in 2014-2019, the first woman to hold that position

Question marks over the ECB’s governance

When Sabine Lautenschlaeger became the fourth representative of Germany on the ECB governing bodies to resign on former President Mario Draghi’s watch, the issues of his legacy and the collegiality in the EU’s central bank have come to the fore. Growing doubts over the bank’s stimulus policies combined with ignoring dissenters among the bank’s governors and executive board members bode ill for longer-term effectiveness of this critical Europan institution. New ECB President Christine Lagarde may not yet appreciate the problem.

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