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German tabloid attacks ECB chief Lagarde as 'Madam Inflation'

EconomyOct 30, 2021 01:41PM ET
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© Reuters. FILE PHOTO: President of the European Central Bank (ECB) Christine Lagarde takes part in a news conference on the outcome of the Governing Council meeting, in Frankfurt, Germany, October 28, 2021. REUTERS/Kai Pfaffenbach

FRANKFURT (Reuters) -Germany's best-selling tabloid Bild scathingly criticised European Central Bank (ECB) President Christine Lagarde on Saturday, accusing her of destroying the earnings and savings of ordinary people by tolerating a rise in inflation.

The article, echoing a Bild attack on Lagarde's predecessor Mario Draghi in 2019, may signal fresh hostility towards the ECB on the part of the German public, which has for a decade been sceptical of the bank's ultra-easy policy.

Two days ago the bank left rates policy unchanged despite consumer price growth hitting a 13-year high.

The newspaper called Lagarde "Madam Inflation,", accusing her of being a high-earner who liked wearing luxury fashion and saying she didn't seem to care about ordinary people's difficulties. "Christine Lagarde is melting pensions, wages and savings," it said.

Asked about the article by Reuters, an ECB spokesperson noted that in her Thursday news conference Lagarde had acknowledged inflation is "clearly of concern" to citizens, and said policymakers did a "lot of soul-searching" before concluding inflation would ease again next year.

In an interview with German magazine Spiegel also published on Saturday, Lagarde showed sympathy with the plight of the ordinary German, saying she had noticed increases in the price of groceries at first hand.

"I do my own shopping and pay attention to how prices develop," Lagarde said. "I see that some everyday items like yoghurt, bread or butter are becoming more expensive."

Bild's attack comes a week after German central bank chief Jens Weidmann, an outspoken critic of ECB policy, quit his job, arguing that 10 years in the role is enough while also warning over inflation risks.

Inflation in the euro zone hit 4.1% this month, equalling its all-time-high, while German inflation is even higher, likely approaching 5% by year end.

($1 = 0.8650 euros)

German tabloid attacks ECB chief Lagarde as 'Madam Inflation'
 

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Comments (12)
Strat Afro
Strat Afro Oct 31, 2021 3:43AM ET
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Why do i think Lagarde as CIA operative, among others? Is She taking orders from PENTAGON?
Ricardo Diogo
Rcd72 Oct 30, 2021 7:55PM ET
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wow...if they had Powell as ECB president...they would see what inflation is!
Transparent Labs
Transparent Labs Oct 30, 2021 3:38PM ET
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She is also a criminal & traitor
Jose Maderno
Jose Maderno Oct 30, 2021 3:24PM ET
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Reuters supporting the globablist ECB as they keep the negative interest rates.  But, if the Germans leave with the UK already gone....well, the whole Brussels thing will dissolve.  The rest of the world would be so grateful.
Mart Bab
Rubberduck1973 Oct 30, 2021 12:26PM ET
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Tabloids. Ow ok. The other fake news that’s not on the internet. Inflation is unwanted. And so is economic decline. And so are high interest rates. A real news agency would explain to the public how difficult it is to maintain the balance in a pandemic era. Fake news will just attack a person and only tell one side of the story
James Pattison
James Pattison Oct 30, 2021 12:00PM ET
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High inflation is a tax we all pay… buy btc folks… its a monetary system the people holding it decide what the value is
Stephen Fa
Stephen Fa Oct 30, 2021 12:00PM ET
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Good advice to buy Bitcoin up to 10 to 20% of portfolio
Rodney Dangerfield
Rodney Dangerfield Oct 30, 2021 12:00PM ET
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50 people in the world control 50% of the Bitcoin mining lol
MK MK
MK MK Oct 30, 2021 11:40AM ET
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It is high time not for reducing "help" for economy but for rate hike!
MK MK
MK MK Oct 30, 2021 11:38AM ET
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Powell, Lagarde and the rest of bank gang should be in jail
peter neal
peter neal Oct 30, 2021 11:32AM ET
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They can't raise rates the ********would collapse.
James Pattison
James Pattison Oct 30, 2021 11:32AM ET
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It blanked out what you were saying so im just imagining ehat you are thinking
Kaveh Sun
Kaveh Sun Oct 30, 2021 11:25AM ET
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Gov wants all of us poor for easy control. The poor depends on gov life support. If ur life depends on gov, they can dictate whatever they want.
Empire Destroyer
Empire Destroyer Oct 30, 2021 10:57AM ET
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The rich want highest inflation possible... Keeps the poor poor, make them poorer, move people who's just surviving to poor status, move ok people to just surviving... then we have no choice but to follow whatever the 1% and corrupt government dictate and throw lies at us
New Jazenevd
New Jazenevd Oct 30, 2021 10:16AM ET
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Another propaganda piece from Reuters. Of course, high inflation is just a “tabloid attack”.
 
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