Christine Lagarde: Interview with Ouest-France

Interview with Christine Lagarde, President of the ECB, conducted by Jean-Christophe Lalay and Maxime Mainguet on 12 September 2026

What brings you to the Fête de la pomme organised by Hervé Morin this Saturday?

I’m here as a friend, a neighbour and a Norman to offer a European voice, without being a candidate for anything. I’m here simply to help French people understand the role of Europe a little better.

On Thursday you announced an increase in the ECB’s key interest rates, which should help to contain inflation but will penalise people planning to purchase property or invest. Why did you take this decision, in a very uncertain context?

The ECB’s task is to maintain price stability. We have an inflation target of 2% over the medium term. Today, inflation is well above 2%, at 3.3% in the euro area, and there has been a major shock that will probably last longer than we had expected. The shock is the result of the conflict in the Middle East, but also the destruction of refining capacity around the world, especially in Russia. It has led to an increase in energy costs, and that drives all prices higher. In this kind of situation, and as we also have a resilient economy, we are obliged to react.

What do you say to the economists who argue that raising interest rates is risky for growth when inflation is related to an external shock rather than an overheating domestic economy?

That’s true when the shock is short-lived. But the current shock is longer-lasting. The conflict is continuing. We expect the volatility and pressure on energy prices to continue, even though the increase in prices also poses a risk of lower growth.

Growth in France is subdued and inflation is lower than in neighbouring countries. It’s going to be particularly affected by this decision…