Like any president of the ECB, Christine Lagarde also hardly expresses herself on individual countries and individual governments, despite the questions. But when you talk about public debt and measures to support the economy, you also talk to Italy and the new premier Giorgia Meloni. And when you say “I do not comment on the positions taken by politicians”, you refer above all to the criticisms made by the Italian premier, adding: “We must fight inflation, which is what worries people most. This is our job. “. The ECB, in essence, deals with prices and interest rates. And governments must do theirs. “We have to do what we have to do. A central bank has the mandate of price stability and it has to pursue it using all means,” he recalls, also stressing that “of course, it does not mean that we overlook the risk of recession. But we are concerned that low incomes are not only vulnerable to the risk of recession, but also to the reality of inflation. ” A risk, that of growing less, and a reality, that of too high prices. Then, there are the responsibilities of those who govern. “Governments should pursue fiscal policies that demonstrate their commitment to gradually reduce high public debt ratios.” Lagarde’s words are evidently addressed above all to countries, such as Italy, which have the highest debt in Europe. It is a concept, that of responsibility for national policies, to which Lagarde returns several times. “Structural policies should be designed to increase growth potential and strengthen its resilience, thereby helping to reduce price pressures in the medium term,” she says. And, again: “In the present state of uncertainty, with the recession looming, and the probability has increased, everyone has to do their job. Ours is price stability.” Of course, Lagarde also says that the ECB and governments need to talk constantly. “We have a dialogue with the budgetary authorities, we explain our objectives, they take into account our imperatives but also the purpose of our mandate”. There is no lack of explicit reference to policies to support the economy and interventions against high bills. For the ECB, aid must be “targeted, temporary and tailor-made”. Again, the new Italian premier is invited to take note. (by Fabio Insenga)
