ECB’s Lagarde Says She’ll Listen to Citizens, Pleads for Unity

Carolynn Look

18 Jan 2020, 02:50 PM IST

(Bloomberg) --

European Central Bank President Christine Lagarde promised that her institution will pay attention to the region’s citizens, reinforcing her message that an upcoming strategy review will take a broad look at issues beyond the narrow remit of price stability.

“We will be open, transparent and accessible,” she said at an event at Frankfurt’s town hall on Thursday evening. “We will try to talk in a language that everyone can understand. And we will listen, too, and hear people’s concerns.”

She didn’t touch on monetary policy, citing the ECB’s weeklong quiet period before its Jan. 23 meeting.

Lagarde wants the central bank’s policy makers to use that meeting to agree on the first review of its operations since 2003, covering the inflation goal -- which it has fallen short of for years despite massive monetary stimulus -- but also broader topics such as inequality and climate change.

The president delivered a few words in German, part of her charm offensive in a nation where the ECB’s ultra-loose policies under her predecessor Mario Draghi were frequently criticized. Frankfurt Mayor Peter Feldmann earlier praised her for being the first ECB president in a long time to show much dedication to the city.

In her comments, she also addressed the need for the European Union to remain united in the face of rising populism, Brexit and increased trade protectionism.

“It’s clear that cooperating within Europe gives us a stronger voice in negotiations with other countries,” she said. “In a world where multilateralism is under threat, working together as a Union becomes even more important – it is the only way for middle-sized countries to stand up to large regional players and defend our common interests.”