Christine Lagarde defends massive ECB interventions, claiming that her son is a cryptocurrency trader.
European Central Bank has been at the receiving end from public outrage due to its handling of the covid crisis. But its president Christine Lagarde says otherwise.
She insists that the high inflation would have been higher if the ECB had not intervened during the covid-19 waves. With the inflation of 7.5% as compared to 1.6%, Europe has had the highest inflation rate in decades.
Lagarde also says, had the ECB not purchased assets as the COVID lockdowns began, the EU economies would have been decimated. To add to that she has said that her son is also a crypto trader and she understands the plight of the people.
As stocks and crypto plummet, the common man finds it harder and harder to beat inflation and keep money in their pocket. While the world was recovering from crypto the recovery was cut short due to the Russia-Ukraine war. Not only has it caused a spike in inflation but also made a drastic impact on the crypto market.
With the world’s supply chain still struggling, Lagarde defends the action of the ECB and calls them necessary countermeasures. With the world now recovering, it will be interesting to see the long-term effects of the actions of the ECB and how they affect the EU as a whole. Not only that, with the eyes of the world on crypto, enthusiasts will have to wait and watch as to what happens to their beloved DeFi system.