In an article in the French financial newspaper Les Échos, on the occasion of the 25th anniversary of the establishment of the European Central Bank, its President, Christine Lagarde, underlines that “the pandemic and Russia’s unjustified war against Ukraine have shown that stability cannot to be taken for granted’ and that growing geopolitical rivalries could destabilize the global economy in the future.

Christine Lagarde underlines the role of the ECB as a guarantor, as she emphasizes, of stability in a world that is shaking, while also referring to the difficulties faced by her predecessors, stressing, however, that the Bank has always been focused on building stronger foundations for its future Europe.

He points to the ECB’s response to difficult crises, such as that of Covid-19, but also its current determination to limit the rise in prices, while underlining the risks of inflation, he emphasizes: “However, we will ensure that inflation will return in the medium term our target of 2% and that is why we have raised interest rates at an unprecedented pace, and we will keep them at these levels for as long as necessary.”

Underlining that the exercise of monetary policy must be based on a strong banking system and that financial stability is a condition for price stability and vice versa, he states that Europe, faced with a more unpredictable world, can strengthen resilience on two fronts: by integrating its capital markets, as it will be able to further facilitate investments in the green and digital sector, and by completing the banking union.

Finally, recalling what Simone Veig once said as president of the European Parliament, about the need for a Europe of solidarity, independence and cooperation, Lagarde states that, after all, “the euro is more than a currency, it is the strongest form of European integration and represents a united Europe that works together, protects and benefits all its citizens.”