Christine Lagarde, ECB President, delivered the acceptance speech for the Wolfgang Friedmann Memorial Award 2026 at Columbia Law School, discussing the history, importance, and future of the international order.
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 that it is an honor to receive this award, which is dedicated to the memory of Wolfgang Friedmann, a prominent legal scholar. This is the first time a central banker has received the award.
Ms. Lagarde highlighted the similarities between law and central banking as institutions built on trust, emphasizing the importance of trust between nations.
She discussed the current challenges to the international order, describing it as a return to older patterns of coercion and mercantilism, rather than a new system. She emphasized that the existing order was built over centuries through cooperation among countries, both large and small, and has achieved significant progress such as reducing interstate war and expanding trade.
Ms. Lagarde noted that the rise of China and shifts in economic power have strained the system, but the legal foundations remain resilient, with countries continuing to rely on international law and institutions even amid conflicts like Russia’s war against Ukraine.
She argued that the international order can be preserved through pragmatic reforms, including reforming multilateral institutions like the WTO, and strengthening bilateral and regional agreements. Such efforts help rebuild trust and adapt to the changing global landscape.
In conclusion, she emphasized that the international order was built collectively and can be reformed through cooperation, honesty, and ambition, urging the international community to work together to sustain it.
More information is available at the official ECB press release: ECB official announcement.
