Christine Lagarde: Learning from Lisbon - recovery and resilience in Europe

Speech by Christine Lagarde President of the European Central Bank, on the occasion of the 175th anniversary of Bank of Portugal, Lisbon, 3 November 2021.

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

Central bank speech  | 
18 November 2021

I am delighted to be here in Lisbon to celebrate the 175th anniversary of the Banco de Portugal, an institution that can be proud of its contribution to Portuguese history.

And it is a history that is fused with Europe. Lisbon was home to the peaceful Carnation Revolution of 1974, which ushered in democracy and marked a crucial step towards Portugal's membership of the European Community. Not long after, the city gave its name to one of the most important treaties to have shaped the European Union – the Treaty of Lisbon.

But Portugal's past is also rich with lessons for Europe today. One of the defining events for Portugal was the Lisbon earthquake of 1755, which struck the city in the early hours of a November morning.