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European Central Bank President Christine Lagarde has warned that uncertainty is creeping back into the global economy, driven by fresh tariff threats from U.S. President Donald Trump, now increasingly aimed at Europe. Speaking to CNN on the sidelines of the World Economic Forum in Davos, Lagarde said rising trade tensions are undermining trust between the United States and the European Union.
According to Lagarde, companies on both sides of the Atlantic are not only concerned about the potential size of new tariffs, but above all about the lack of clarity over what may come next. That unpredictability, she stressed, is more damaging to the economy than the tariffs themselves.

ECB: Uncertainty Weighs on Investment and Growth
Lagarde emphasized that the core issue is not just the risk of new trade barriers, but the fact that businesses, investors, and markets are operating without a clear outlook. In such an environment, companies tend to delay investment plans, hiring decisions, and long-term strategies—developments that could ultimately slow economic growth.
Trade, she noted, acts as a bridge between Europe and the United States. European firms have a strong presence in the U.S., while American companies are deeply embedded in European markets. Sudden or unpredictable tariff changes disrupt firms that rely on stable trade rules and increase economic risk.
For the ECB, this is particularly concerning as reduced corporate spending and investment could dampen the momentum of the European economy at a sensitive time.

Inflation and Monetary Policy Risks
Trade uncertainty may also affect inflation dynamics. If tariffs push up the cost of imported goods, price pressures could re-emerge, complicating the ECB’s efforts to maintain price stability—especially given Europe’s reliance on imports from the U.S.
Interest rates in the euro area have been on hold since June, and neither investors nor economists currently expect imminent changes. However, François Villeroy de Galhau, Governor of the Bank of France, said any new tariffs would need to be closely assessed, even if their immediate impact on prices is expected to be relatively muted.
Still, a tougher U.S. stance toward Europe could challenge the ECB’s relatively benign outlook for inflation and economic activity in the coming years. While the eurozone has shown resilience to rising protectionism so far, officials continue to stress that risks remain elevated.

Call to Protect Transatlantic Trade Ties
Lagarde underscored that the U.S. and Europe share deep and longstanding economic ties, built on trade, mutual investment, and job creation. Putting these relationships at risk, she said, does not make sense from either an economic or policy perspective.
She urged leaders on both sides of the Atlantic to carefully weigh the consequences of any trade actions before moving forward, warning that escalation could prove costly.
Lagarde also remarked that Europe has been through similar trade disputes before. When she said this was a “movie we’ve already seen,” she was referring to past trade conflicts with the U.S. that generated significant uncertainty but few lasting benefits. In her view, those experiences should serve as a reminder of the importance of avoiding a repeat of the same mistakes.

#ECB , #TRUMP , #Eu , #Inflation , #globaleconomy

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欧州連合は画期的な金融変革の瀬戸際にあり、デジタルユーロの計画が着実に実現に向かっています。これは単なる暗号通貨ではなく、中央銀行デジタル通貨（CBDC）です - 欧州中央銀行（ECB）自体によって発行され、裏付けられた法定通貨のデジタル形式です。この動きは、進化するデジタル決済の風景に対する戦略的な対応を示しており、現金がますます使われなくなる世界でユーロを競争力のある安定した通貨として保つことを目指しています。
何年にもわたり、デジタルユーロのアイデアが議論されてきました。これは、プライベートデジタル決済の急速な増加、現金使用の減少、ステーブルコインやその他の暗号通貨の出現によって促進されています。ECBがCBDCを探求する主な動機は多面的であり、デジタル時代における中央銀行マネーの役割を維持すること、決済の効率性と回復力を高めること、革新を促進すること、そしてユーロ圏の決済における戦略的な自律性を確保することです。

欧州中央銀行（ECB）理事会メンバーのヤニス・ストゥルナラスは、インフレや経済成長に大きな変化がない限り、更なる金利引き下げは必要ないと述べ、慎重な金融政策へのアプローチを示しました。2025年9月19日に発言したギリシャ中央銀行総裁は、ユーロ圏のインフレが2028年までにECBの2％目標に近づく見込みであることを強調し、経済見通しにおける「良好なバランス」を反映しています。PANewsによって報告された彼の発言は、米国の政策変化や地政学的緊張を含む世界的な不確実性の中での安定性へのECBのコミットメントを強調しており、今後の金利決定に関してデータ主導の姿勢を維持しています。