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.

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.