www.ecb.europa.eu
Speech by Christine Lagarde, President of the ECB, at Business France event ‘Business en Européens’ in Paris, France
Paris, 7 October 2025
“The dollar may be our currency, but it’s your problem.”
When John Connally, President Nixon’s Treasury Secretary, spoke these words in the 1970s, he was describing a world dominated by the dollar, where other countries had little choice but to bear the consequences of US policies.
Half a century later, these words still resonate. Earlier this year, when turbulence was emanating from the United States, investors turned to the euro as a safe haven. This was of course a sign of confidence in Europe. But we also felt the costs, in the form of upward pressure on the exchange rate.
Europe is more open than any other major economy. Our exports reached nearly €4 trillion last year. But this openness also makes us more exposed in a world where trade and geopolitics are increasingly intertwined, and where spillovers are often unavoidable.