A fragile European balance
The market is a living creature, it has a swarm intelligence economy, similar to that which characterizes the flight of the flock of birds in the sky and the swimming of the shoal of fish.
Last days’ statements are dangerous and destabilizing, potentially explosive. The market is made up of connected and interdependent economies: when one of its parts is affected, it is all affected, and the reaction affects everyone with harshness and violence. Without firmness, prudence and calmness, self-control is lost, and when there are institutional balances at stake it is like hitting the market even harder.
I fear that the swarm intelligence economy, similarly to what happens in nature, can expel the persons perceived as hostile through actions and movements of isolation.
Europe is at risk, even more if the euro becomes the enemy.
Financial Times – March 15th, 2020
Christine Lagarde apologises for botched communication of ECB strategy