Christine Lagarde has said eurozone countries must make major changes to economic policy, in particular cutting its over-reliance on exports and boosting domestic demand instead. Lagarde’s words, in her first major policy speech as president of the European Central Bank (ECB), are likely to be seen as an important challenge to the German government.  

Her predecessor, Mario Draghi, repeatedly called on eurozone governments to pursue a more stimulative fiscal policy. He first began stressing the