Europeans had to be realistic, Lagarde told a panel discussion. “We are now getting this huge, big push, because another big player in the global economy is organising things in a different way, and is threatening some of the partners and the players with which that country was used to operate.”

Forecasts from the IMF this month sharply upgraded economic prospects for the US this year, predicting 2.7 per cent growth, far above the Eurozone’s predicted 1 per cent expansion. 

The currency area’s biggest economy, Germany, has experienced two years of contraction and is forecast to expand by just 0.3 per cent this year, the fund said. Meanwhile the US took a record share of cross-border greenfield investment projects in the 12 months to November, according to preliminary data from fDI Markets, an FT-owned company.

But European officials struggled to project that positive message to executives in the Swiss resort. “The sentiment here is just how negative European CEOs are on Europe,” said the US banking executive. “There is a stark contrast to the US, where it is all about animal spirits and euphoria.” 

Asked if the election of Trump represented a wake-up call for Europe, Lagarde replied: “I respectfully think that it does.”