Christine Lagarde: Interview with La Croix

Interview with Christine Lagarde, President of the ECB, conducted by Jean-Claude Bourbon and Marie Dancer on 16 and 28 September 2026

You have experienced all the major crises: the financial crisis of 2008 when you were the French Minister of the Economy, the Greek crisis and sovereign debt crisis in Europe when you were head of the International Monetary Fund, then later, as President of the ECB, the COVID-19 pandemic, the war in Ukraine and now the conflict in the Middle East. Has it become the normal state of affairs for the world to be in a crisis situation?

There have always been economic and financial crises. What is new is how they are linked together. The pandemic gave rise to pressures on energy and raw materials, then came the invasion of Ukraine which worsened the energy crisis and the inflation surge. Crises no longer follow one after the other, they are interconnected and mutually reinforcing. This is an unprecedented reality that we must now face.

In your opinion, what is the most immediate threat to the European economy?

For the ECB, price stability remains the priority. So the main threat today is the energy crisis related to the conflict in the Middle East. It is clearly weighing on prices, but also on growth. The effect on economic activity when the cost of raw materials rises is often overlooked. And behind the energy crisis there is a geopolitical situation undergoing major change.

Essentially, the whole European economic model has been shaken.

Yes. Europe has long rested on three pillars: cheap energy, notably from Russia, the large Chinese market for its exports and the US security umbrella. These three pillars are being shaken today. The supply of energy from Russia has been cut off and China is now competing with Europeans in leading-edge markets. Regarding the US security umbrella, it has been cast into doubt, to say the least.

You have been President of the ECB for seven years. What are you most proud of and what would you have done differently?