Speech by Christine Lagarde, President of the ECB, ‘Conversations pour demain’ on the occasion of the 25th anniversary of Institut Montaigne in Paris, France

Paris, 15 September 2025

It is a great honour to be invited to celebrate the 25th anniversary of the Institut Montaigne with you. For a quarter of a century, this institution has stood out for its independence of thought. That independence has given its work both credibility and influence.

As a central banker, independence has a special meaning for me. In this uncertain world, institutional independence is a key source of stability and trust.^[1]

But the question of independence extends far beyond monetary policy. As Michel de Montaigne once wrote, “La plus grande chose du monde, c’est de savoir être à soi”. [The greatest thing in the world is to know how to belong to oneself.]

Today, Europe and its Member States are asking what it takes to “belong to oneself” in a world where the foundations of the international order…