Following a two-day marathon in which "Spitzenkandidat" Failed and Merkel's Plan A and Plan B Dumped Lagarde will now head the ECB and give up her job at the IMF.

It's rare to find someone who is consistently wrong on everything. Christine Lagarde, whom the EU just anointed as the president of the ECB, comes close.

To emphasize the point, Negative Interest Rates Benefit the Global Economy, Says IMF Chief Christine Lagarde.

Subzero interest rates in Europe and Japan are "net positives" for the global economy, International Monetary Fund chief Christine Lagarde said Tuesday, though she warned that the side effects of unorthodox central-bank policies should be closely monitored.

"We see the recent introduction of negative interest rates by the ECB and Bank of Japan —though not without side effects that warrant vigilance—as net positives in current circumstances," Ms. Lagarde said.