When consensus building in policy risks surprising markets
Benign dictator always wins. Consensus building always pushes for suboptimal choices. The only reason Lagarde is compared to Draghi it's because she was lucky. Thanks to unprecedented fiscal transfers monetary policy in the Euro area got way easier. Consensus building at the ECB has been perceived as successful mostly because of the massive tailwinds given by fiscal stimulus. Once again Lagarde gets away with murder. But that's life. As once Napoleon said "I would rather have a general who was lucky than one who was good."