Christine Lagarde faces a new challenge in Europe

She doesn’t have the typical résumé — no doctorate in economics, no post as a central banker — for running the body that sets monetary policy for one-fifth of the global economy.

But investors are betting that Christine Lagarde, the surprise nominee to be the next president of the European Central Bank, will act in much the same way as the bank’s last leader. Interest rates fell to record lows in the days after she was named, a clear sign they expect her to follow her predecessor, Mario Draghi,.....

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