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Lagarde a 'Euronews', mientras avanza la negociación: "El euro digital no sustituirá al efectivo"
La presidenta del Banco Central Europeo, Christine Lagarde, rechazó en una entrevista exclusiva con 'Euronews que el euro digital vaya a sustituir al efectivo o permitir al banco central supervisar pagos, mientras la legislación entra en una nueva fase tras meses de debates en el Parlamento Europeo.
MÁS INFORMACIÓN : http://es.euronews.com/2026/07/09/lagarde-a-euronews-mientras-avanzan-las-negociaciones-el-euro-digital-no-sustituira-al-efe
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La presidenta del Banco Central Europeo, Christine Lagarde, rechazó en una entrevista exclusiva con 'Euronews que el euro digital vaya a sustituir al efectivo o permitir al banco central supervisar pagos, mientras la legislación entra en una nueva fase tras meses de debates en el Parlamento Europeo.
MÁS INFORMACIÓN : http://es.euronews.com/2026/07/09/lagarde-a-euronews-mientras-avanzan-las-negociaciones-el-euro-digital-no-sustituira-al-efe
¡Suscríbete a nuestro canal! Euronews está disponible en 12 idiomas
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00:08Presidente Lagarde, thank you so much for joining us on Euronews at this very pivotal time for Europe.
00:13This is a transformational moment in so many ways.
00:15When you look at the economy, the geopolitics, a war that is still going on in this continent,
00:20and then of course many other forces like the AI, which could have severe implications in the way that we
00:25live, that we work.
00:26Ultimately, 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 that have to
00:40be implemented,
00:41with a roadmap which has been designed a couple of years ago now by my predecessor Mario Draghi and Enrico
00:48Letta,
00:49and where we just have to implement collectively what will make Europe more competitive and more fit for the 21st
00:55century,
00:56which is, as you said, fragmented, different geopolitically, and obviously to be transformed significantly by artificial intelligence 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, and I think that
01:21we all have to adapt to it,
01:23but we also have to be mindful of the goods and the bads.
01:27By good, I mean improved productivity.
01:29By bad, what will be the consequences on us as a society, on the labor market in general, what impact
01:35will it have, and we have to prepare for that.
01:37On the AI, I very much reflect the conversation about the geopolitics.
01:40Many would say this is now a two-track competition, as the United States and China.
01:44The EU will not be able to compete at that level.
01:47Is that a fair assessment?
01:48And I wonder, certainly in this town of Brussels, there's a lot of hype around Mistral.
01:53This is almost seen as a strategic asset.
01:55Is it wise to bet everything on a 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 China.
02:06There are countries in the European Union which are regarded as third and in the race.
02:14I think the question is how you define the race and how you make sure that you are not held
02:19hostage to certain developments that are critical
02:21and that you have some leverage on elements of the supply chain.
02:28Mistral is obviously a champion in its own way.
02:32And I think that if the Europeans decide that it's in their collective interest to focus on Mistral, for instance,
02:39but maybe a couple of others because you don't want to have just plan A and nothing else,
02:43but that you focus on having sovereignty over developments so that you can make sure that your clouds, for instance,
02:50is possibly of a European standing nature and sitting, that some of your artificial intelligence devices,
02:58some of the tools, for instance, are critically made in Europe, invented in Europe.
03:03You bind all these components and you then have a good dialogue with those who are ahead of you in
03:11other areas.
03:12But I think it's a question of really linking, binding and making sure that we protect some of our interests
03:18and 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.
03:24So what is the recipe when you talk to finance ministers in Brussels?
03:28And I wonder, you mentioned Mario 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,
03:44the market, the talent, the capital, the savings.
03:47And I think that, you know, if I had two words for the finance ministers whom I love and I
03:54was one of them,
03:55it'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?
04:04As a head of the European Central Bank, I presume you would like to maintain unity at all levels.
04:09That is what guides Europe.
04:10But should that change now?
04:12We all need to move together.
04:13That's the strength.
04:15We 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,
04:25because they will have experimented, so be it.
04:27But it's, you know, it's a principle that can be adopted, that is anticipated by the treaty as well.
04:33So why not?
04:34So move ahead.
04:35And to that extent, the Spanish, just this week, they presented a plan before the Eurogroup of Joint Borrowindy.
04:40The idea of joint debt is very political in essence in Europe.
04:44But just on the economic merit of it, they say it will create a more liquid market, it will save
04:50money, and it will be more efficient.
04:51Just 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.
04:59It'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...
05:10You think some don't?
05:11Well, I think everybody sings from the same Heim song, but when it comes to implementing it, it's difficult, and
05:17the 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, OK, 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 seem to be putting that
05:54on the table.
05:55The French president has said, in his view, there are no taboos.
05:57That doesn't scare you.
05:58When you hear 800 billion euros, this kind of money, it doesn't...
06:01Look, 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 and...
06:11What was it?
06:13RRF.
06:14Recovery and 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,
06:38and you need to entice 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.
06:51And what's it going to take to convince countries that would say absolutely not?
06:56Because by the same token, we said 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
07:11and to address what are their concerns.
07:13So 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.
07:33The 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 want?
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.
09:09And we have a lot 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.
09:43And the head 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 trilogue discussion
09:57that will take place.
09:58And hopefully will be concluded by December.
10:01But 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,
10:19sorry, I'm not taking your banknotes, I'm not taking your European coins, because now it has legal tender.
10:26It has to be honoured.
10:27So cash is actually elevated to this legal tender level where nobody anywhere in Europe can say, I'm not taking
10:35your money because it is banknotes.
10:37No.
10:37So banknotes 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 banknotes,
10:50so that there is a closed link between you, me and the banknotes.
10:54So that's on the banknotes.
10:55So no, cash will not go away, cash will be rejuvenated.
10:59Digital euro, we need to move into a digital world.
11:03You book your trips using digital, you buy your transportation tickets using digital, you buy by digital means, whether you
11:13do your grocery shopping or whether you buy your clothes.
11:16We need to have also central bank money.
11:19For the moment, it's only banknotes, 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.
11:29And 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.
11:49So 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, when 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.
12:29And some expected, because of the major changes coming out of the US, that we would see a sort of
12:33move away from the dollar and that the euro could benefit from.
12:36And the numbers a year later, they show minimal pickup and should have been, some would argue, a much stronger
12:42effect 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.
12:53I can promise you in 20 years that share will 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.
13:12So what I'm saying today is that the euro is a solid currency.
13:16Twenty five years ago, soon 30 years ago, people were saying, ah, it's dead on arrival.
13:22It's not dead on arrival.
13:23Many keep betting against it.
13:24It's strong. Absolutely. Absolutely.
13:26So it is solid and strong.
13:27The European Central Bank is well established, credible and highly respected.
13:32The monetary union is a force, but it is not enough.
13:36We have to go beyond that.
13:38We have to be credible from a security point of view.
13:40We have to be solid from an economic point of view with lots of trade agreements.
13:45This is in process.
13:47And we have to make sure that our institutions are solid and that the rule of law is 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.
14:03And to that extent, I do have to ask you, going back to the question of China, there is a
14:08message that is legitimate.
14:09And that is, Europeans are saying, what a fair deal.
14:12The numbers coming out 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.
14:18When you look at the trade surplus last year from the Chinese, it's another record.
14:22There's no indication that they are rebalancing in any way that is fair to Europeans.
14:26There's a deadline now in October.
14:28What happens if the Chinese do not respond to that deadline?
14:31The easy cop-out answer would be, it's not my business.
14:34It's the business of the trade commissioner.
14:35But I know you care about Europe.
14:37I care very much about Europe.
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 subscribe to the message that a fair deal needs to happen.
15:06It's not a fair deal what we have at this point.
15:08It's a deal that is predominantly organized under WTO.
15:12You still have about 75% of trade conducted under WTO rules.
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.
15:30The Chinese are very good at talking about it.
15:32We actually need to walk the talk and see on a sectorial basis what it means, see on a pricing
15:39basis what it means, see on a grants and subsidies basis what it means, and see on a financing basis
15:46what it means.
15:47And will you be monitoring that October deadline?
15:49Because 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, at 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.
16:04So I have full trust that this will happen.
16:06In October?
16:08You know, who am I to say that?
16:10I'm not in charge of trade negotiations.
16:12But you will be monitoring.
16:12They will appreciate the urgency of the matter and the need to find a dialogue that is productive on both
16:19sides.
16:20And, President, for Europeans, you've had to increase interest rates.
16:23You talked about some of the uncertainty facing the European economy.
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.
16:35So, is this the new normal?
16:36No, but look, I think what was not the norm was a time when interest rates were in negative territory.
16:43It just, you know, it's...
16:45It was an anomaly.
16:46It's a total anomaly that if I lend you money that you will only give me back in five years,
16:51in addition to lending you money, I have to give you a bonus on it.
16:55You don't pay...
16:56This doesn't make any sense.
16:57I mean, everybody understands that.
16:59If I lend you money, you only pay me back in five years, you have to give me a little
17:04top-up, which is, you know, the term premium and the risk premium eventually.
17:08So, interest rates go with the payment of money over time.
17:13And if you give money, if you lend money over time, obviously there is an interest.
17:17So, I think we are more in normal time when you have an interest rate.
17:22Now, interest rates are determined with the objective that the central bank has, which is to provide price stability.
17:31If 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.
17:43So, what our mission is, is price stability.
17:46And for that, the big tool, especially when you have inflation rising its nose, is interest rates.
17:52So, we slightly increased interest rates, which are now at 2.25%, when we have the latest reading of inflation
17:59at 2.8%.
18:01Not to say that we align with inflation, because our goal is medium term.
18:07We need to see inflation returning to 2% in about three years' time.
18:11And that's what we have with the projections that we produce.
18:14And 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.
18:35We meet roughly every six weeks.
18:38And we look at all the fundamentals.
18:39We 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.
18:47We look at the underlying inflation.
18:49What is it without oil and gas?
18:51What is it without food?
18:53What is it if you take out the most volatile things?
18:55What is it if you take out tobacco and all?
18:57We 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.
19:07And it's on the basis of all that that we say, we are fine, or we should go down a
19:11bit, or we should go up a bit.
19:12And, Madame Lagarde, I have to ask you, of course, about France.
19:15Just a final question.
19:17France is, Juncker used to say, it's not just any country.
19:20France is France.
19:21This is a founding member.
19:22And Jean-Claude is Jean-Claude.
19:23And he is, of course, he is.
19:25And he also used to say, look, this is a founding member of the European Union.
19:29It is systemically important when it comes to the euro area.
19:32But beyond that, it's a country that represents a form of ideals to the world.
19:36It's a republic for its citizens.
19:38At this point, and this week, we've had now what seems to be now an idea of who will be
19:44able to run or not,
19:46in which conditions crystallize.
19:49Le Pen will be a candidate.
19:50And if I look at polls now, there is a real scenario in which the final ticket,
19:55the two final candidates, will represent extremes, certainly in the European Parliament.
19:59Jean-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,
20:11yes, it is an existential threat to France, and therefore it is an existential threat
20:16to 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.
20:29I keep them to myself.
20:30But what I very much hope is that the democratic process will continue.
20:34You know, in politics, the next, you know, eight months is eternity.
20:38So, so many things can happen.
20:39We 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,
20:50whoever is the leader for France, that it is one key member of Europe,
20:54and that Europe is the only playground within which member states, nations, even France,
21:01can actually play a significant role.
21:03On the European voice, some would say that is the anomaly at this stage.
21:07There are many, many in Europe who feel proud of being Europeans,
21:10and no politician at this point seems to be able to tap really into that appetite
21:15for a political offer that really puts that up front.
21:19Are you, do you find that bizarre that in France no one is occupying that space?
21:23And some would argue maybe 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,
21:45that Europe is the framework within which member states operate, including France.
21:50Well, President Lagarde, thank you so much for joining us on EUR News.
21:53Thank you very much.
21:58Thank you very much.
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