Speech by Christine Lagarde, President of the ECB, at the annual Economic Policy Symposium “Structural Shifts in the Global Economy” organised by Federal Reserve Bank of Kansas City in Jackson Hole

Jackson Hole, 25 August 2023

Over the past three years, people around the world have experienced an unprecedented series of shocks, albeit to varying degrees.

We have faced the pandemic, resulting in a partial shutdown of the global economy. We are confronting a war in Europe and a new geopolitical landscape, leading to profound changes in energy markets and trade patterns. And climate change is accelerating, compelling us to do all we can to decarbonise the economy.

One visible impact of these shifts has been the return of high inflation globally, which has caused anguish for many people. Central banks have responded by tightening monetary policy and, while progress is being made, the fight against inflation is not yet won.

But these shifts could also have profound longer-term…