“There goes that queer-looking fish with the ginger beard again. Do you know who he is? I keep seeing him creep about this place like a lost soul with nothing better to do.”
That was the verdict of the then Bank of England governor on Montagu Norman, who, five years later, was to take over the top job. “Nothing in his background suggested that he would be well suited to the work of a central banker,” Liaquat Ahamed wrote in his prizewinning book Lords of Finance.
Plenty in Christine Lagarde’s background suggests she will be much better suited to run the European Central Bank: her political nous, her communication skills, her leadership of the International Monetary Fund through turbulent financial times.
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