Is it a disadvantage that Ms Lagarde has no formal training as an economist? She will be an outstanding ECB president and I say so with full knowledge, having known her for longer than she and I want to remember. She has successfully led the IMF and its staff of economists through challenging times.
Also, there are many similarities between the way decisions are taken at the ECB and at the IMF. As I said earlier in our discussion, work at the ECB is collegial, relying on extensive discussions with the staff and the chief economist, as well as the rest of the Governing Council. This is not so different to how the IMF works.