www.ecb.europa.eu
Statement by Christine Lagarde, President of the ECB, at the fifty-second meeting of the International Monetary and Financial Committee
IMF Annual Meetings, 17 October 2025
Introduction
Since our last meeting in April, global economic activity has remained subdued but steady, despite ongoing trade policy headwinds. This resilience partly reflected a frontloading of demand in anticipation of tariffs, which temporarily boosted activity but is unlikely to be sustained. As this effect fades, global growth dynamics are expected to soften further.
A predictable and open international economic order remains essential to sustain global trade, investment and shared prosperity. While recent preliminary trade agreements have reduced uncertainty, it remains elevated and may weigh on investment. The full impact of the evolving policy environment will only become clearer over time, but early signs are already visible in the reconfiguration of global trade flows.
Global headline inflation is…