Christine Lagarde

We are facing a real shock that is probably beyond what we can imagine at the moment.

Do you think there is just a sort of blind optimism that somehow this is going to be over and the world will go back to normal?

Well, maybe they are overly optimistic and determined to stay optimistic.

Too much has already been damaged and there is no way that it can be restored in a matter of months.

Most people are actually talking about years.

And I think this is a crisis where we are learning almost bit by bit, day by day, what the actual consequences will be, what countries will be most affected, what of the commodities will be the most in demand.

On Twitter now?

Yeah, he made fun of this horrible.

We are facing a real shock.

that is probably beyond what we can imagine at the moment.

Well, maybe they are overly optimistic and determined to stay optimistic in the hope that the positive scenario will materialize and we will be back to normal in relatively short time, which is not what the technical experts are telling us in terms of capacity, extraction, refinery distribution, because too much has already been damaged and there is no way that it can be restored in a matter of months.

Most people are actually talking about years.

I think might also happen, because we've experienced it, is that you understand the actual consequences gradually as you read through the facts, the supply chain consequences, the kind of raw materials that is critically important for a particular manufacturing.

I'll give you an example.

Helium, which transits through the Strait of Hormuz, is critically important for microchips.

Well, unless you figured that out, you're not certain that there will be instant or very relatively quick consequences on the cost of microchips because of the rarity that will result from not having available one of the raw materials.

And I think this is a crisis where we are learning almost bit by bit, day by day, what the actual consequences will be, what countries will be most affected, what of the commodities will be the most in demand.

We are facing a real shock that is probably beyond what we can imagine at the moment.

Well, maybe they are overly optimistic and determined to stay optimistic in the hope that their positive scenario will materialize and we will be back to normal in relatively short time, which is not what the technical experts are telling us in terms of capacity, extraction, refinery distribution, because too much has already been damaged and there is no way that it can be restored in a matter of months.

Most people are actually talking about years.