Speech by Christine Lagarde, President of the ECB, at the Blue Economy and Finance Forum in Monaco

Monaco, 7 June 2025

It is a pleasure to speak at the Blue Economy and Finance Forum.

In his 1857 poem “Man and the Sea”, Charles Baudelaire explored the deep kinship between the ocean and humanity.^[1] For Baudelaire, they were two forces drawn together by awe, fascination, and even conflict.

Today, that dynamic has taken on a new and troubling dimension. We rely on the ocean for climate stability and economic prosperity, yet we are fuelling a climate crisis that threatens to undermine the very system we depend on. We cannot let that happen.

Baudelaire described the sea as a “mirror” to the human soul. We now need to take a hard look in that mirror and ask ourselves: what can we do to stem the tide of this crisis, to safeguard our ocean and economy?

This morning’s two panel discussions will go a long way towards answering that question. But I would like to take this opportunity…