Christine Lagarde: Strengthening economies in a stormy and fragmenting world
Speech by Ms Christine Lagarde, President of the European Central Bank, at the 9th National Bank of Ukraine and Narodowy Bank Polski (NBU-NBP) Annual Research Conference "Economic and financial integration in a stormy and fragmenting world", Kyiv, 19 June 2025.
The views expressed in this speech are those of the speaker and not the view of the BIS.
It is an honour to be here in Kyiv – a city that has come to symbolise resilience, dignity and the enduring spirit of freedom. Kyiv stands not only as the heart of Ukraine, but as a beacon of what it means to hold fast to democratic values in the face of immense challenge.
As the great Ukrainian poet Taras Shevchenko once wrote, "In your own house – your own truth. Your own strength and freedom." Ukraine's fight today reminds all of Europe of this powerful truth: our security and prosperity rely on unity, on integration with our neighbours.
In the face of Russia's unjustified war of aggression, Ukrainians have demonstrated extraordinary courage and resilience in defence of their country.
In my remarks today, and in keeping with the theme of this conference, I would like to reflect on the historical lessons we have learned about strengthening and integrating economies in an increasingly stormy and fragmented world.
Experience shows that closer ties with the European neighbourhood can provide a strong foundation for Ukraine to rebuild and emerge stronger. And as geopolitical tensions rise and global supply chains fragment, the case for deeper regional cooperation has never been clearer.
Europe's own long history of integration offers valuable insights that can help guide Ukraine's path forwards. Two key lessons stand out.