ECB’s Lagarde: Global Challenges to Put EU Resilience to Test

9 November 2023

By Isabel Teles – BRUSSELS (Econostream) – European Central Bank President Christine Lagarde on Thursday said that the resilience of the European Union would be tested by emerging challenges.

Speaking at the inauguration of the House of the Euro in Brussels, Lagarde said that in a moment where the world faced geopolitical tensions, climate risks and economic fragmentation, ‘the resilience of the European Union is fundamental, critical, and will be tested.’

‘The Eurosystem has experts in many of the fields that will be critical to building this resilience, such as economy structures, financial regulations, and market infrastructures, not to mention payments’, she said.

Located in Brussels ‘at the heart of the European Quartier’, in Lagarde’s words, the House of the Euro is the new working hub for representatives of the ECB, Bundesbank, Banque de France, Banca d'Italia, Banco de España, the Central Bank of Ireland, the Central Bank of Malta and the Bank of Slovenia.

‘Decisions made in Brussels are becoming ever more relevant for our mandate’, she said, citing the debate about economic governance.

‘So that we know within which fiscal framework ministers of finance are going to operate so that we, independently as central bank, we can decide our monetary policy understanding what others are going to do’, she said.