Christine Lagarde: New challenges in a changing world

Speech by Ms Christine Lagarde, President of the European Central Bank, at the Deutsche Börse Annual Reception, Eschborn, 23 January 2023. 

The views expressed in this speech are those of the speaker and not the view of the BIS.

Introduction

It is a pleasure to speak with you here in Eschborn, marking the start of the New Year.

A new beginning often brings with it new challenges, but it also presents us with plenty of opportunities. And today I would like to touch on both.

Looking at today's global economy, I am reminded of the playwright and poet Bertolt Brecht, who once observed: "Because things are the way they are, things will not stay the way they are."

The global economy finds itself at a crucial turning point. Last year, we began to see the emergence of a "new global map" of economic relationships – one in which geopolitics is increasingly influencing the global economy.

And that in turn has important implications for Europe, which will define the year ahead.