Financial TimesFinancial Times

The return of inflation: crunch time for the European Central Bank

By Martin Arnold

14 Dec 2021 · 10 min read

As Christine Lagarde unveiled plans last week to redesign euro banknotes for the first time since their launch two decades ago, the European Central Bank president said they were “a tangible and visible symbol that we stand together in Europe, particularly in times of crisis”.

Lagarde’s comment underlines her pride in the united approach taken by European nations and policymakers to tackle the economic fallout from the coronavirus pandemic and — so far at least — prevent it from spiralling into a repeat of the region’s 2012 debt crisis, which threatened to tear the currency union apart.

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