Christine Lagarde, President of the European Central Bank, addressed the 28th meeting of Francophone Central Bank Governors in Phnom Penh on 28 May 2026. She warned that maintaining central‑bank independence requires more than legal safeguards; it must also be protected by credibility built through consistent policy actions. Lagarde cited the ECB’s history, noting that the institution had to prove price‑stability commitment during the 1990s, and later used unconventional measures during the sovereign‑debt crisis and the 2022 inflation surge. She outlined three conditions for safeguarding independence in a tougher environment: a clear mandate prioritising price stability, direct communication with citizens to anchor expectations, and preserving policy room through fiscal responsibility and financial system resilience. Lagarde concluded that trust in monetary institutions is essential for preserving money’s value and must be nurtured, not taken for granted.
© European Central Bank, 2025.
Summary derived from the ECB website (https://www.ecb.europa.eu ).
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