Yesterday’s session at the World Economic Forum in Davos was marked by the speeches of US President Donald Trump and his delegation who offered insult, transgression and even some bit of racism in their speeches and discourses. However, the President of the European Central Bank Christine Lagarde wasn’t in the mood for nonsense as she left the room during a private dinner with the US delegation when the US Commerce Secretary Howard Lutnick began speaking derogatorily about European economies.
The ECB President made a number of interesting remarks during her discussion, moderated by Andrew Ross Sorkin and featuring Larry Fink, Ken Griffin and historian Adam Tooze, on the 1920s. President Lagarde said that over the course of her career, and after having lived through several economic and financial crises, she has repeatedly encountered the misguided mentality that central banks are expected to compensate for a lack of economic growth.
President Trump offered little that was new, other than saying he ruled out an invasion of Greenland. He then spoke at lengthโwell over an hourโabout his domestic policies, claimed that Greenlandic people love him, confused Greenland with Iceland, that the US won WW2, and made controversial remarks alleging large-scale fraud by Somali communities in Minnesota and also accused them of having a low IQ. Later on, President Trump also ruled out issuing tariffs against European countries and said that he wanted to negotiate the purchase of Greenland.
A European Council meeting is being held today to discuss the European response to Trump’s threats against Greenland and Denmark.
California Governor Gavin Newsom said that President Trump’s speech was underwhelming and boring. He is expected to speak at the World Economic Forum, today.
You can watch the discussion with the ECB Chief here. You can watch President Trump’s speech here.
Newsroom
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