Acceptance speech by Christine Lagarde for the Wolfgang Friedmann Memorial Award 2026

Christine Lagarde, President of the European Central Bank, delivered the acceptance speech for the Wolfgang Friedmann Memorial Award 2026 at Columbia Law School in New York.

She expressed honor at receiving the award, noting it is the first time a central banker has been recognized. The award honors a distinguished legal scholar well-versed in legal theory and practical law.

Ms. Lagarde highlighted the similarities between law and central banking as institutions built on trust, emphasizing the importance of trust between nations.

She discussed concerns about the erosion of international trust, criticizing the notion of a “new world order” as a return to older patterns of coercion and mercantilism, rather than a genuine new system.

She outlined the historical development of the international order, from European colonial hierarchy to post-World War institutions like the UN, Bretton Woods system, GATT/WTO, and others, emphasizing their co-constitution by countries worldwide.

Ms. Lagarde noted that the current challenges, such as China’s rise and shifting power dynamics, threaten the legitimacy of the existing order, which was built for a different economic landscape.

Despite these challenges, she argued that the incentives for cooperation remain strong, citing the resilience of international law, ongoing multilateral and bilateral efforts, and the importance of reforming institutions like the WTO.

She advocated for reforming the international order through cooperation, bilateral agreements, and regional initiatives, which can serve as laboratories for broader rules and standards.

In conclusion, Ms. Lagarde emphasized that the international order was built collectively and can be reformed through collective effort, honesty, and ambition to restore trust and legitimacy.

She closed by quoting Giuseppe Tomasi di Lampedusa: “If we want things to stay as they are, things will have to change,” urging a collective effort to reform the system.