Speech by Christine Lagarde, President of the ECB, at “Hofburg im Dialog – Economy, Europe, Resilience” in Vienna, Austria

Vienna, 14 September 2026

Let me begin with a story that starts in this city.

In this country, the years before 1873 have a name: the “Gründerzeit”, or “founders’ era”.

The old city walls had come down and the Ringstrasse was rising where they had stood. Railways were pushing out across the empire. New banks and joint stock companies were being founded by the hundred.

But money did not stop at borders. On a scale never before seen, savers in Vienna, Berlin, Paris and London could lend abroad. Their money went into the transformative technologies of the day. French savers financed the Suez Canal. Larger sums still went from British and German savers into the American railways.^[1]

The historian Eric Hobsbawm called these decades the age of capital.^[2]

In 1873 that age came to an end. Eight days after the Emperor opened the World Exhibition in the…