Christine Lagarde has called for fiscal prudence, as “central banks will not always be around” to buy government debt.
Speaking today (January 21) on a panel at the World Economic Forum in Davos, Switzerland, the European Central Bank president distinguished between two kinds of public debt. Debt that was “invested in necessary productive projects”, such as defence, would always find people to finance it , she said. However, those seeking debt for “not productive purposes” would find it “far more
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