Remarks by Christine Lagarde, President of the ECB, at the panel on the “Global Economic Outlook” at the 40th Annual G30 International Banking Seminar

Washington DC, 18 October 2025

Global imbalances have once again moved to the forefront of international debate.

The discussion has largely centred on China and the United States. But Europe, too, is now in the spotlight ‒ suspected of pursuing an “unfair” trade policy towards the United States.

There is no denying here that Europe is a major player in this debate.

Together, the euro area and China account for roughly half of the world’s current account surplus – about one-quarter each – while the United States represents around three-quarters of the global deficit.

But we need to explore under the headline numbers, which do not fully reflect the underlying economic reality in Europe – nor do they capture the adjustment that is already under way.

Europe’s role in global imbalances

There are three points that need…