On Thursday, the 24th of October 2019, the departing ECB Chair Mario Draghi told to his successor, former IMF (International Monetary Fund) head Lagarde, to “never give up” on undergirding the euro zone economy in context of a perilous backdrop of worsening economic outlook alongside squeezed up supports from the government.
Although, as Draghi departs with his legacy to save the bloc’s currency from collapsing during his eight years of tenure, several economists and analysts expressed scepticisms on whether Draghi had used up almost all of the resources allotted to him to revive a sharply slowing euro zone economy, leaving Lagarde bare handed.
Nonetheless, at his last press conference, ECB Chair Draghi, both debated and credited over its unconventional monetary policy including a negative interest rate on deposits which had squeezed the savers further, left the door open to further easy money, less than a week before he was set to hand over the rein to former IMF Chief Christine Lagarde on October 31st.
Meanwhile, although Draghi declined to come up with any specific advice for Lagarde saying she knew it better than anyone, but was quoted saying that his legacy would be defined by a single-minded quest to boost price growth amid a shattering and divided currency bloc, adding, “This is part of our legacy: never give up! ”