Europe from Normandy: regional strengths and future challenges

Christine Lagarde, President of the European Central Bank, delivered a speech at Fête de la Pomme in Épreville-en-Lieuvin, France. She expressed her strong attachment to Normandy, where she grew up, and emphasized the region’s significance in illustrating Europe’s achievements and challenges.

Lagarde highlighted how European integration supports Normandy’s regional industries, such as Calvados production, through access to a broad market, geographical protection, and structural funds. She noted that nearly 10% of the region’s GDP in 2022 was exported, mainly to the United States.

She discussed current global challenges, including energy shocks, geopolitical conflicts, and technological changes, which impact Europe’s economy. Lagarde stressed the need for Europe to strengthen its internal markets, especially in services and digital sectors, and to build resilience through infrastructure and innovation.

Examples include Normandy’s low-carbon energy production, with new nuclear and wind projects, and efforts to improve cross-border energy and capital flows. She emphasized the importance of uniting European resources to reduce vulnerabilities and foster growth, citing the success of the Mistral AI company and the Scaleup Europe Fund.

Lagarde also highlighted the role of the digital euro as a means of strengthening European payments infrastructure, ensuring economic sovereignty. She concluded by calling for greater cooperation to build on Normandy’s regional strengths and ensure prosperity beyond the region, inspired by Tocqueville’s idea of political association as the mother of action.