Everyone is expecting Christine Lagarde, everything is in place. On one side there will be flowers, and especially, for a year and a half at least, quite a detailed work programme, prepared beforehand by Mario Draghi. On the other, following a strange coalition, there will be resistance to impede its implementation as much as possible. Indeed, the difficulties experienced by the monetary policy in the euro area to reach a 2% inflation rate are not due to mistakes made by Mario Draghi. They are to blame on the very structure of the euro area's still fragile economy, and on services entangled in a sluggish world context and a monetary policy that has been allowed to drift along alone without budgetary support.
