Christine Lagarde, President of the ECB, in an interview on 19 February 2026, discusses Europe’s reform prospects, geopolitical challenges, digital euro, and the global role of the euro.
On 19 February 2026, Christine Lagarde, President of the European Central Bank (ECB), conducted an interview with the Wall Street Journal. She emphasized her commitment to her mandate of price stability, financial stability, and protecting the euro, stating her intention to serve until the end of her term.
Lagarde expressed optimism about Europe’s potential to reform and address deep-seated economic issues, citing recent initiatives such as the Capital Markets Union, Savings and Investments Union, and energy reforms. She highlighted ongoing efforts toward a multispeed Europe and cooperation among member states to accelerate reforms.
She discussed internal fragmentation within Europe, noting that while Europe has always experienced some division, efforts are underway to foster joint projects and reforms, including a coalition of willing countries for specific initiatives. She acknowledged concerns about destabilizing forces and cyber threats, emphasizing the importance of protection and resilience.
Regarding transatlantic relations, Lagarde compared the current US administration under Trump to previous administrations, noting differences in approach and the importance of maintaining central bank independence. She supported Jay Powell’s leadership and expressed hope for Kevin Warsh’s future role.
Lagarde addressed the geopolitical landscape, AI development, and Europe’s lag in this technology, advocating for cooperation, harmonization of standards, and collective action to strengthen Europe’s position. She also highlighted the euro’s credibility, ongoing digital euro projects, and the importance of geopolitical strength for the euro’s international role.
She reflected on the ECB’s achievements, including maintaining inflation at 2%, strengthening financial stability, and working toward a more integrated economic union. She expressed her legacy goals, such as advancing digital currency and climate change considerations, and emphasized the importance of unity among European central banks.
Lagarde discussed the challenges of rising government debt, especially in the context of defense and AI displacement, noting Germany’s recent use of its balance sheet for investments. She expressed hope for strong European leadership to counter far-right populism and emphasized the importance of a collective European approach to AI and digital standards.
Finally, she commented on the global role of the euro, the importance of geopolitical strength, and the need for cooperation and harmonization of standards in AI. She distinguished between cryptocurrencies and stablecoins, supporting the adoption of distributed ledger technology for digital currency settlement. She hinted at future career considerations, including participation in the World Economic Forum, and reaffirmed her commitment to the ECB’s independence and credibility.
