Christine Lagarde, former managing director of the International monetary fund will become president of the European national bank, according to sources. The ENB are said to manage the euro and frame and implements eu economic and monetary policy. Legislation allows them to supervise the banking sector by imposing sanctions on banks guilty of misconduct. This serves as a deterrent to the bank concerned and also to the banking sector.
The IMF, who are in charge of third world debt, are threatening a recession, citing what is described as trade wars between the US and China, and Brexit. This amounts to the introduction of tariffs as an economic measure, and encouraging self-sufficiency.
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