By David Barwick – FRANKFURT (Econostream) – European Central Bank President Christine Lagarde on Sunday sought to tamp down speculation that she could leave office before her term ends, repeating her earlier line that “my baseline is that it will take until the end of my term.”

In an interview with American broadcaster CBS, Lagarde said when questioned about a potential early departure, “I’m riveted to a mission, and my mission is price stability, financial stability.” She wanted the euro “to be strong and fit for the future,” she added

Pointing to progress to date, she said, “Inflation is at target,” while growth was “okay, not brilliant, but resilient, 1.5%,” and unemployment was “at the lowest level ever.”

Responding to the idea that her answer implied more work through the end of the eight-year term, Lagarde replied: “I’m not done.”

On US-EU trade uncertainty, Lagarde argued that firms and investors needed clarity about the framework they would be operating under.

“It’s a bit like driving,” she said. “You want to know the rules of the road before you … get in the car,” adding that businesses “want to do business” rather than “go into … legal lawsuits.”

She said she hoped the situation would be clarified and “sufficiently thought through,” and added that any proposals should be “in compliance with the constitution, in compliance with the law.”

In her telling, trade had continued after earlier decisions and a subsequent arrangement between the United States and Europe, but “to sort of shake it up again is going to bring about disruptions in the business for sure.”

Regarding tariffs’ economic incidence, Lagarde rejected the idea that consumers had been spared. “I don’t think the consumers avoided the pain,” she said.

She pointed to ongoing analysis, saying that while “some exporters have borne some of the brunt, most of it was borne by the U.S. importers and eventually, the U.S. consumers.”

As she described it, importers initially absorbed part of the tariff cost by compressing margins, but “there is a point where you don’t squeeze your margins so much, and you have to pass it on to the consumers,” adding, “We are beginning to see” that effect.

The discussion also returned to central bank independence in the context of Lagarde’s earlier defense of Federal Reserve Chair Jerome Powell following a Justice Department investigation, as well as the planned replacement of Powell by Kevin Warsh.

Lagarde said she had “enormous respect” for Powell, Warsh, and past Fed chairs, and highlighted the importance of “the rule of law” and central bank independence for monetary policy.

Explaining why insulation from politics mattered, she said rate decisions often affect the economy with long lags—“6, 12, 18 months, sometimes two years down the road”—while political cycles run continuously, so policymakers must be “immune” to that.

She also said she was “very proud” to receive an award the next day in the name of Paul Volcker, and linked that recognition to the broader case for independent monetary authorities.

Asked whether the West was losing leverage as Russia and China try to reduce reliance on Western currencies and payment systems to avoid sanctions, Lagarde said the responsibility was to ensure “our currencies are strong,” and that “our payment systems are strong and independent,” adding that this was an effort authorities would continue.