European Central Bank President Christine Lagarde argued Thursday that a decision to slow the pace of asset buying under the institution’s pandemic emergency program didn’t amount to a “tapering,” but was instead a mere recalibration of stimulus efforts.

“The lady isn’t tapering,” Lagarde said at a news conference following the ECB decision, seemingly echoing late U.K. Prime Minister Margaret Thatcher’s 1980 declaration, in response to pressure to reverse her economic policies, that “the lady is not for turning.”

Lagarde…

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