Keynote speech by Christine Lagarde, President of the ECB, in the session “Central Banks in a Changing World” at the European Meeting of the Trilateral Commission in Vienna, Austria

Vienna, 22 November 2025

It is a pleasure to be here in Vienna.

The relationship between central banks and governments has evolved substantially over the centuries.

Historically, central banks were often created to provide governments with financing.^[1] But if monetary history teaches us one lesson, it is that central banks kept under the thumb of the state tend to generate inflation.

This insight emerged only gradually.

In the early 19th century, Napoleon Bonaparte – who founded the Banque de France – is said to have acknowledged that a central bank should serve the state, but not be excessively dominated by it.^[2] Well, that was a start at least.

Over time, however, and especially in the second half of the 20th century, recognition grew that the more operationally independent a central bank…