Lagarde envisions new model for world of ‘shifts and breaks’

ECB chief predicts bigger supply shocks and relative price swings in future

ECB President Christine Lagarde February 2022
Christine Lagarde

European Central Bank president Christine Lagarde has called for a rethink of economic modelling to reflect a world increasingly driven by “shifts and breaks”.

“There are plausible scenarios where we could see a fundamental change in the nature of global economic interactions,” Lagarde said on August 25. “In other words, we may be entering an age of shifts in economic relationships and breaks in established regularities.”

Lagarde told the Federal Reserve’s Jackson Hole conference there were

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