- 17 minutes ago
گمانهزنیها درباره نقش احتمالی رییس بانک مرکزی اروپا در فرانسه؛ لاگارد: «نامزد هیچ انتخاباتی نیستم»
کریستین لاگارد، رییس بانک مرکزی اروپا به یورونیوز گفت: «من نامزد نیستم و به دفاع از آرمانهای اروپایی ادامه میدهم.» در عین حال، در بروکسل و پاریس گمانهزنی درباره خروج زودهنگام او از بانک مرکزی اروپا برای حضور فعال در کارزار بالا گرفته است.
لب بیشتر : http://parsi.euronews.com/2026/07/09/im-not-a-candidate-lagarde-tells-euronews-as-french-election-speculation-grows
مشترک شوید: یورونیوز به یازده زبان دیگر در دسترس شماست
کریستین لاگارد، رییس بانک مرکزی اروپا به یورونیوز گفت: «من نامزد نیستم و به دفاع از آرمانهای اروپایی ادامه میدهم.» در عین حال، در بروکسل و پاریس گمانهزنی درباره خروج زودهنگام او از بانک مرکزی اروپا برای حضور فعال در کارزار بالا گرفته است.
لب بیشتر : http://parsi.euronews.com/2026/07/09/im-not-a-candidate-lagarde-tells-euronews-as-french-election-speculation-grows
مشترک شوید: یورونیوز به یازده زبان دیگر در دسترس شماست
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00:08President Lagarde, thank you so much for joining us on Euronews at this very pivotal time for
00:12Europe. This is a transformational moment in so many ways. When you look at the economy,
00:17the geopolitics, a war that is still going on in this continent, and then of course many other
00:21forces like the AI, which could have severe implications in the way that we live, that we
00:26work. Ultimately, when you put all these factors together, where is this continent going?
00:30It's navigating all those changes, and it's doing it with, I think, an agenda of significant reforms
00:39that have to be implemented, with a roadmap which has been designed a couple of years ago now by
00:45my predecessor Mario Draghi and Enrico Leta, and where we just have to implement collectively what
00:52will make Europe more competitive and more fit for the 21st century, which is, as you said,
00:57fragmented, different geopolitically, and obviously to be transformed significantly by artificial
01:03intelligence on steroids.
01:05What do you mean by on steroids?
01:07I think that artificial intelligence is going through accelerated phases of development.
01:13So people will talk to you about Gen AI. They will now talk about ASI, superintelligence,
01:20and I think that we all have to adapt to it, but we also have to be mindful of the
01:26goods and the
01:26bads. By good, I mean improved productivity. By bad, what will be the consequences on us as a society,
01:33on the labor market in general? What impact will it have? And we have to prepare for that.
01:37On the AI, it very much reflects the conversation about the geopolitics. Many would say this is now a
01:41two-track competition, as the United States and China. The EU will not be able to compete at that
01:46level. Is that a fair assessment? And I wonder, certainly in this town of Brussels, there's a lot
01:51of hype around Mistral. This is almost seen as a strategic asset. Is it wise to bet everything on
01:56a single company or do we need an ecosystem around AI?
01:59There are two very big champions in terms of AI development and hyperscalers, the United States and
02:06China. There are countries in the European Union which are regarded as third and in the race. I think
02:14the question is how you define the race and how you make sure that you are not held hostage to
02:20certain
02:20developments that are critical and that you have some leverage on elements of the supply chain.
02:28Mistral is obviously a champion in its own way. And I think that if the Europeans decide that it's in
02:35their
02:35collective interest to focus on Mistral, for instance, but maybe a couple of others because you don't want to have
02:41just plan A and nothing else, but that you focus on having sovereignty over developments so that you can
02:48make sure that your clouds, for instance, is possibly of a European standing nature and sitting, that some of
02:56your artificial intelligence devices, some of the tools, for instance, are critically made in Europe,
03:02invented in Europe. You bind all these components and you then have a good dialogue with those who are ahead
03:10of
03:10you in other areas. But I think it's a question of really linking, binding and making sure that we protect
03:17some of our
03:17interests and leverage those in order to better negotiate.
03:21And my impression is that you don't like to lose and you want Europe to win. So what is the
03:25recipe when you talk to finance ministers in Brussels?
03:28And I wonder, you mentioned Maria Draghi, I wonder if you speak frequently, if there's a regular communication with him,
03:33what is the recipe that you put on the table?
03:35I think we share the same objective, that Europe wins, that Europe is competitive, that Europe leverage its incredible potential,
03:43the market, the talent, the capital, the savings. And I think that, you know, if I had two words for
03:50the finance ministers,
03:52whom I love and I was one of them, it's action more than words and it's accelerate more than procrastinate.
04:02Do you have to do that at 27 or can you do it at 6? As a head of the
04:05European Central Bank, I presume you would like to maintain unity at all levels.
04:09That is what guides Europe. But should that change now?
04:12We all need to move together. That's the strength. We are stronger all together.
04:17Now, if it takes a smaller number of them to actually move forward and bring the others with them a
04:24little later,
04:24because they will have experimented, so be it. It's, you know, it's a principle that can be adopted, that is
04:30anticipated by the treaty as well.
04:33So why not?
04:34So move ahead. And to that extent, the Spanish, just this week, they presented a plan before the Euro group
04:39of joint poverty.
04:40The idea of joint debt is very political in essence in Europe, but just on the economic merit of it.
04:46They say it will create a more liquid market, it will save money, and it will be more efficient.
04:52Just on economic terms, is that something that is ahead of the European Central Bank? You say, let's look at
04:57it.
04:57You know, it's more than just economic terms. It's also financial terms.
05:00Because to have a strong, vibrant and deep capital market, which is something that we all want, at least everybody
05:07says so.
05:08We need to also have, we need to, well, I think everybody sings from the same Heim song, but when
05:15it comes to implementing it, it's difficult and the devil is in the details.
05:19But it's pretty obvious that we also need to have a European asset, which can, you know, parallel with the
05:26U.S. Treasury bonds, for instance.
05:28How we go about it, how the moral hazard is addressed, how it's allocated in terms of results to be
05:35decided.
05:36And I think it's great that a country like Spain, for instance, makes a proposal, puts it on the table
05:41for debate.
05:42And it's now for the others to say, okay, we like this part, we don't like this, we can address
05:46it.
05:47So it's good to actually move forward.
05:49So when you hear these numbers, 800 billion euros, Mario Draghi echoed that, the Spanish seemed to be putting that
05:54on the table.
05:55The French president has said in his view, there are no taboos that doesn't scare you when you hear 800
05:59billion euros, this kind of money.
06:01Look, remember, remember what we did for COVID.
06:04That was the amount that was actually put on the table for joint borrowing in order to respond and to
06:09produce the recovery.
06:11And what was it?
06:13RRF, the recovery resilience.
06:15Yeah, recovery and resilience fund.
06:17That was roughly the amount.
06:19And the commission went to market.
06:21We helped in the process because we act as an agent in that respect.
06:25And it was widely, you know, broadly subscribed, oversubscribed.
06:29So I'm not saying that this is the amount.
06:32I'm just saying that to go with the capital market, you need depth, you need liquidity, and you need to
06:39entice the savings of Europe onto that market.
06:43But we need an instrument as well.
06:45And that could be one or an elaboration or an iteration of that.
06:52And what's it going to take to convince countries that would say absolutely not, because by the same token, we
06:57said the recovery fund legally was a one off.
07:00Yeah, that was said in certain circumstances.
07:04I think the circumstances have changed and it should lead the leaders of the various member states to consider and
07:12to address what are their concerns.
07:14So I think an ex ante no over my dead body is not the best way to deal with it.
07:20I think the best way to deal with it is to try to analyze what is too much of a
07:24risk and how that risk can be addressed.
07:27And the world has changed because of Vladimir Putin, because of President Trump.
07:32And we've heard the criticism that Europeans are weak, they're decaying, civilizational erasure.
07:36They say we are facing that prospect of Europe becoming a museum or is it also the Chinese?
07:41Is this a combination that has changed Europe now in the medium term?
07:45We've got to wake up.
07:46You know, first of all, there is nothing wrong with European culture.
07:49And whether it is tourism, whether it is museum, whether it is attracting people to a place which has a
07:55vibrant culture is wonderful.
07:56There's a movement that says museum and the Europe pours.
07:59Well, I will tell you something.
08:00Is that the algorithm I wonder?
08:01I'll tell you something.
08:02If you visit a few industrial entrepreneurial centers, including in the field of artificial intelligence, including in the field of
08:11high techs, you would be surprised that this is not a museum.
08:15This is a very, very active and rich with talent economy.
08:21But the key thing is to make sure that money goes in the right direction.
08:25Money should not necessarily leave Europe.
08:28It should stay in Europe to finance initiatives.
08:30And ultimately, what is the biggest driving force?
08:33Is it President Trump?
08:34It seems to me when I look at NATO on the G7, the Europeans have now decided we are not
08:39going to publicize a divorce, but we understand the relationship is changing and we've got to do our own thing.
08:44And when it comes to China, is that also pushing these changes?
08:47No, there's a lot of criticism around concerning fragmentation and the change in the geopolitics.
08:52But if anything, it has certainly led the Europeans to look at their own forces, to look at their own
08:57weaknesses and try to address them.
08:59So I think that rather than criticizing the rest of the world or putting the blame on one or the
09:05other leaders, I think we have to really focus on us, see what strength we have and we have a
09:10lot of those, leverage them and try to address the weaknesses.
09:14I think there are some low hanging fruit.
09:17The capital market is one that is not such an easy one, but there are components that are low hanging
09:22fruits.
09:22And I'm delighted to see that both the commission and the Irish presidency want to move further and faster on
09:28this front.
09:29And we've seen that this week with the digital euro.
09:32Yes.
09:33And I have to ask, it may seem a trivial question, but what is the digital euro?
09:37Because on this stance in Brussels, I've heard MEPs who say this is a way to kill cash and the
09:43head of the European Central Bank wants to control our every move.
09:46Oh, my gosh.
09:47What's the digital euro?
09:48Absolutely not.
09:49Let me first, you know, celebrate the fact that the parliament has endorsed massively the mandate for this tree log
09:57discussion that will take place and hopefully will be concluded by December.
10:00But let me go back to that.
10:03This piece of legislation will actually produce two results.
10:07The first one is that it will make cash and the digital euro both legal tender, which means that nowhere
10:17in Europe can anybody say to anyone, sorry, I'm not taking your bank notes.
10:22I'm not taking your European coins because now it has legal tender.
10:26It has to be honored.
10:28So cash is actually elevated to this legal tender level when nobody anywhere in Europe can say I'm not taking
10:35your money because it is bank notes.
10:37No.
10:37So bank notes are secured and protected.
10:39And by the way, before the end of this year, in December 26, we will have a set of proposals
10:46that will be the new design and the new face of our bank notes so that there is a close
10:51link between you, me and the bank notes.
10:54So that's on the bank notes.
10:55So no, cash will not go away.
10:57Cash will be rejuvenated.
10:59Digital euro, we need to move into a digital world.
11:03You book your trips using digital.
11:06You buy your transportation tickets using digital.
11:10You buy by digital means whether you do your grocery shopping or whether you buy your clothes.
11:15We need to have also central bank money.
11:19For the moment, it's only bank notes, but we need to have it in digital form.
11:23And if it is cheaper, if it is faster, and if you can use it throughout Europe, even the better.
11:28And the overall question, however, is how is that going to serve the euro's competitiveness?
11:33Because there is a real competition now for who will be and who will run currencies in the future.
11:38Is it still a dollar story?
11:40Dollar is king.
11:41You also see the Chinese heavily pushing for their own currency.
11:44The best thing I know is a European solution.
11:47At the moment, we do not have that.
11:50So if you pay, in most instances, 60% of the cases, you use payment infrastructure that is under foreign
11:58capital.
11:59So we depend on predominantly US, but also sometimes China networks to organize payments.
12:06We need to have a European solution because we want to be sovereign at home.
12:11So that's what the digital euro will do because you will have digital euro for retail when you go to
12:16the shop,
12:16when you buy with a friend, when you want to share a bill.
12:19But we will also have what we call wholesale digital euro, which will enable the banks to organize their transaction
12:27in digital form as well.
12:28And some expected because of the major changes coming out of the US that we would see sort of move
12:34away from the dollar and that the euro could benefit from it.
12:36The numbers a year later, they show minimal pickup.
12:39It should have been, some would argue, a much stronger effect to cash in those inflows.
12:44Is this a root of concern that even with this uncertainty, the euro was not able to capitalize on it?
12:51Or would you say, look, this is a 20 year story. I can promise you in 20 years that share
12:55will be much higher.
12:56I would never promise anything because there is so much uncertainty and those those movements take time.
13:02What we have seen in history, when the sterling pound, you know, was gradually replaced by the US dollar, it
13:09took that long, if not a bit more.
13:11So what I'm saying today is that the euro is a solid currency. 25 years ago, soon 30 years ago,
13:19people were saying, ah, it's dead on arrival.
13:22It's not dead on arrival. It is solid and strong. Absolutely. Absolutely. So it is solid and strong.
13:27The European Central Bank is well established, credible and highly respected. The monetary union is a force, but it is
13:36not enough.
13:36We have to go beyond that. We have to be credible from a security point of view. We have to
13:41be solid from an economic point of view with lots of trade agreements.
13:45This is in process. And we have to make sure that our institutions are solid and the rule of law
13:51is respected.
13:52But I would contend that the euro has remained stable and slightly increasing in terms of support and attractiveness.
14:00I hear a lot of noises along those lines. And to that extent, I do have to ask you going
14:06back to the question of China.
14:07There is a message that is legitimate, and that is Europeans are saying, what a fair deal. The numbers coming
14:12out of China, when you look at that trade deficit, it's a deficit after a deficit.
14:16They sell a lot more than we do to them. When you look at the trade surplus last year from
14:20the Chinese, it's another record.
14:22There's no indication that they're rebalancing in any way that is fair to Europeans. There's a deadline now in October.
14:28What happens if the Chinese do not respond to that deadline? The easy cop out answer would be, it's not
14:33my business.
14:33This is the business of the trade commissioner. But I know you care about Europe. I care very much about
14:38Europe.
14:39And I care very much about keeping an international trade system in place that is sensible and that is propitious
14:45to the exchanges between nations and between enterprises as well.
14:50So I think we need to have areas that we know are critically important and that we will not let
14:57sort of fade away to any competition, including China, of course.
15:03So you describe the message that a fair deal needs to happen. It's not a fair deal what we have
15:07at this point.
15:08It's a deal that is predominantly organized under WTO. You still have about 75% of trade conducted under WTO
15:16rules.
15:17But as far as China is concerned, there has to be a discussion of adults in the room who are
15:24respecting each other's position and who are going to make sure that it's a good deal on both sides.
15:29The Chinese are very good at talking about it. We actually need to walk the talk and see on a
15:36sectorial basis what it means, you know, see on a pricing basis what it means, see on a grants and
15:43subsidies basis what it means and see on a financing basis what it means.
15:47And will you be monitoring that October deadline? Because some say the Europeans have put themselves in a difficult situation.
15:52If they do not respond, they're going to look weak.
15:54If they respond, there's a chance of have the bare minimum real trade tensions, potentially a trade war.
15:59You know, whenever there is a crisis, a deadline or something really hard, the Europeans are up to it. So
16:04I have full trust that this will happen.
16:06In October? At some point?
16:09Who am I to say that? I'm not in charge of trade negotiations, but I'm sure they will appreciate the
16:14urgency of the matter and the need to find a dialogue that is productive on both sides.
16:20And, President, for Europeans, you've had to increase interest rates. You talked about some of the uncertainty facing the European
16:26economy.
16:27Just for the average European, they see that they're now operating in an environment where interest rates are much higher
16:32than they were used to just a few years ago.
16:35Is this the new normal? No, but look, I think what was not the norm was a time when interest
16:41rates were in negative territory.
16:43It just, you know, it was an anomaly. It's a total anomaly that if I lend you money that you
16:49will only give me back in five years.
16:51In addition to lending you money, I have to give you a bonus on it. You don't pay. This doesn't
16:57make any sense.
16:57I mean, everybody understands that if I lend you money, you only pay me back in five years. You have
17:03to give me a little top up, which is, you know, the term premium and the risk premium eventually.
17:07So interest rates go with the payment of money over time. And if you give money, if you lend money
17:15over time, obviously there is an interest.
17:17So I think we are more in normal time when you have an interest rate. Now interest rates are determined
17:24with the objective that the central bank has, which is to provide price stability.
17:30If you don't have price stability, if you think that prices are going to go up or down, you just
17:35completely confuse as to what you should do, whether you should buy, whether you should sell, whether you should employ,
17:40whether you should find, whether you should invest.
17:42So what our mission is, is price stability. And for that, the big tool, especially when you have inflation rising
17:49its nose, is interest rates.
17:52So we slightly increased interest rates, which are now at 2.25% when we have the latest reading of
17:59inflation at 2.8%.
18:01Not to say that we align with inflation because our goal is medium term. We need to see inflation returning
18:08to 2% in about three years time.
18:11And that's what we have with the projections that we produce.
18:15And on that level of interest rates, which is so key for European consumers, your message is to say, this
18:20is the level that we believe will be the base for the months to come, ultimately.
18:26You have to be okay with this. Understand that this is the level now. Potentially even go higher, depending on
18:33how things go.
18:33We do an assessment at each and every meeting. We meet roughly every six weeks. And we look at all
18:38the fundamentals. We look at the projections that we have.
18:42We look at the estimated inflation in three years, in two years, in one year's time. We look at the
18:48underlying inflation.
18:49What is it without oil and gas? What is it without food? What is it if you take out the
18:54most volatile things? What is it if you take out tobacco and all? We have multiple measurements.
18:59Then we also look at how this is propagated throughout the economy and what it produces ultimately in the medium
19:06term. And it's on the basis of all that that we say we are fine or we should go down
19:10a bit or we should go up a bit.
19:12And, Madame Lagarde, I have to ask you, of course, about France. Just a final question.
19:17France is, Juncker used to say, it's not just any country. France is France. This is a founding member.
19:22And Jean-Claude is Jean-Claude.
19:23And he is, of course, he is. And he also used to say, look, this is a founding member of
19:28the European Union.
19:29It is systemically important when it comes to the Euro area. But beyond that, it's a country that represents a
19:35form of ideals to the world.
19:36It's a republic for its citizens. At this point and this week, we've had now what seems to be now
19:43an idea of who will be able to run or not,
19:46in which conditions crystallize. Le Pen will be a candidate.
19:50And if I look at polls now, there is a real scenario in which the final ticket, the two final
19:55candidates will represent extremes,
19:58certainly in the European Parliament. Jean-Luc Mélenchon is really on the left in the European Parliament.
20:02She is on the Patriots for Europe, a creature created by Viktor Orban to change Europe.
20:06When you look at that final ticket, and it is a possibility, do you say, yes, it is an existential
20:12threat to France,
20:14and therefore it is an existential threat to the stability of the European economy?
20:18You know, I try to look at all member states without diving deep into the politics of anyone.
20:26Of course, as a French, I have my own views. I keep them to myself. But what I very much
20:32hope is that the democratic process will continue.
20:35You know, in politics, the next, you know, eight months is eternity. So, so many things can happen.
20:40We will be monitoring. We will be looking at the risk level. We will be looking at all that carefully.
20:45And we hope that reason will always prevail, and that France will appreciate, whoever is the leader for France, that
20:52it is one key member of Europe,
20:54and that Europe is the only playground within which member states, nations, even France, can actually play a significant role.
21:03On the European voice, some would say that is the anomaly at this stage. There are many, many in Europe
21:08who feel proud of being Europeans.
21:10And no politician at this point seems to be able to tap really into that appetite for a political offer
21:16that really puts that up front.
21:19Are you, do you find that bizarre that in France, no one is occupying that space? And some would argue,
21:25maybe you should occupy it.
21:26Well, I will certainly explain to the extent I can, you know, why the European dimension is so critical.
21:33In a campaign or in your role as the head of the EU?
21:34I will explain that in whichever capacity I will be most efficient.
21:38It's all open for you at this point.
21:40I'm not a candidate for anything, but I'm very keen that Europe is protected, that Europe is the framework within
21:47which member states operate, including France.
21:50Well, President Lagarde, thank you so much for joining us on ERA News.
21:53Thank you very much.
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