ECB President Christine Lagarde discusses Europe’s economic reforms and global role

On 19 February 2026, Christine Lagarde, President of the European Central Bank (ECB), was interviewed by the Wall Street Journal. She emphasized her commitment to her mandate of price and financial stability, and her intention to serve until the end of her term.

Lagarde highlighted Europe’s strengths, such as infrastructure and social indicators, while acknowledging the need for reforms like Capital Markets Union and energy reform. She expressed optimism about Europe’s capacity to reform, especially in response to external critiques.

She discussed the potential for a multispeed Europe, with initiatives led by countries like Spain and the six largest euro area nations, and the importance of cooperation among member states. Lagarde addressed concerns about internal fragmentation and the importance of reforms to strengthen unity.

Regarding geopolitical risks, she noted cyber threats and hybrid warfare, and discussed the impact of US political shifts, including the Biden and Trump administrations, on transatlantic relations. She criticized certain US actions, such as the Greenland incident, but emphasized the importance of maintaining central bank independence.

Lagarde reflected on the challenges faced during the pandemic, acknowledging initial misjudgments about inflation’s transitory nature, and praised the resilience of the euro and the ECB’s response, including developments in digital currency and the digital euro project.

She discussed the importance of the euro’s international role, the need for cooperation in AI development, and the significance of a unified approach to standards and data privacy. She emphasized that the euro’s international status depends on geopolitical strength, rule of law, and trade alliances.

Finally, Lagarde addressed her future plans, indicating openness to options including the World Economic Forum, and reaffirmed her confidence in the ECB’s reputation and independence.