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Christine Lagarde

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55
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2026-03-24
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2026-03-24
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  1. I would say the constrain, I mean, apart from the horrible drama that afflicts the life of people, the situation of families, the civilian population that eventually end up being the target of those wars. So putting that aside, which is a big put aside, it impacts the global economy in that. Energy sources, oil, gas are Threat in terms of transportation, shipping, the Strait of Hormuz comes to mind right away, and as a result of that we see prices.

    2026-03-24 · In Good Company with Nicolai Tangen · Christine Lagarde: Central Bank Independence, Geopolitical Fragmentation and What It Takes to Lead the ECB · IDENTIFIED FROM THE TRANSCRIPT · source

  2. Europe is of all advanced economies probably the most open. This is very true for some of the Nordic countries that you know well, but it's true for the whole of Europe. So any shock to trade, for instance, is going to unpack impact and open economy more than an economy that is not self-sufficient, but not particularly vulnerable to trade, whether exports or import. Added to that. Europe has very limited Own resources and own energy sources, with the exception of the renewable energies that we are pushing and the green transition that we are also trying to Finance as a continent. But other than that, sources of energy are rare. and that exposes us even more. So it's openness on the one hand, rare, fossil energy sources on the other hand, and the two combined exposes us significantly in the current situation.

    2026-03-24 · In Good Company with Nicolai Tangen · Christine Lagarde: Central Bank Independence, Geopolitical Fragmentation and What It Takes to Lead the ECB · IDENTIFIED FROM THE TRANSCRIPT · source

  3. I think there are implications for policymakers of all stripes. So it means putting the onus on diplomacy rather than war, the onus on good financial management of public budgets and being attentive to the real transformation and not so much hype. That's what I would see as favorable developments.

    2026-03-24 · In Good Company with Nicolai Tangen · Christine Lagarde: Central Bank Independence, Geopolitical Fragmentation and What It Takes to Lead the ECB · IDENTIFIED FROM THE TRANSCRIPT · source

  4. At a time when fragmentation started to also significantly change the way the world worked because it was preceded by a period of open trade and the first globalization, if you will. And we are seeing a bit of that at the moment. Technological breakthrough, which I would associate with the development of AI and the diffusion of AI on the one hand, and fragmentation, challenges to the international world order as we have known for decades. So that's the analogy. And I think that we have to be informed by history and try to avoid what came after those developments in the 20s that ended up with number one financial crisis. Bankruptcies of banks in Europe, and eventually because the matter was not handled very well at the time. Global conflict that destroyed many of the advanced economies and made all of us at the time poorer and fewer.

    2026-03-24 · In Good Company with Nicolai Tangen · Christine Lagarde: Central Bank Independence, Geopolitical Fragmentation and What It Takes to Lead the ECB · IDENTIFIED FROM THE TRANSCRIPT · source

  5. The analogy I made was with the 20s because it's a time when there were major technology breakthroughs. That, of course, we take for granted, but which were new at the time, the combustion engine, the manufacturing line, all sorts of things that just came about together.

    2026-03-24 · In Good Company with Nicolai Tangen · Christine Lagarde: Central Bank Independence, Geopolitical Fragmentation and What It Takes to Lead the ECB · IDENTIFIED FROM THE TRANSCRIPT · source