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Central BanksUpdated•Originally published 12 September 2026•Updated 12 September 2026•
2 min read

Lagarde Urges Europe to Act Together to Bolster Sovereignty and Growth

Key Facts

1In her September 9, 2026 speech, Lagarde set out 3 paths for Europe and urged collective action.
2The ECB raised its 3 key rates by 25 basis points to 2.50%, 2.65% and 2.90%.
3The official schedule places Lagarde’s next appearance in Vienna on September 14, 2026, at 17:15 CET.

Speaking in Berlin on September 9, 2026, European Central Bank President Christine Lagarde urged European Union member states to choose collective action and continue building Europe rather than deepen their reliance on external powers.

Lagarde said Europe was entering a harsher world in which major powers use their economic and geopolitical weight to their advantage. She set out 3 paths: accept decline, fragment European action into separate national interests, or deepen cooperation among member states.

Lagarde rejected fragmentation into 27 national agendas, arguing that collective action in areas including the Single Market, defence and energy could reduce Europe’s vulnerability to external pressure while supporting greater sovereignty and faster growth.

On finance, she said the savings and investments union could channel European savings toward sectors requiring investment, while the digital euro could help preserve monetary sovereignty and reduce reliance on external payment infrastructure.

The speech came one day before the ECB raised its 3 key interest rates by 25 basis points. The bank set the deposit facility rate at 2.50%, the main refinancing rate at 2.65% and the marginal lending rate at 2.90%, effective September 16, 2026.

The ECB said inflation was likely to remain above its 2% target for an extended period. It said future decisions would remain data-dependent and be taken meeting by meeting, without committing in advance to a particular rate path.

According to the official schedule, Lagarde’s next planned public appearance is on September 14, 2026, when she is due to deliver a keynote address in Vienna at 17:15 CET, followed by a panel discussion at an event on the economy, Europe and resilience.