ECB turns 25. The celebrations at a gala dinner in Frankfurt

Gala dinner in Frankfurt on the occasion of the 25th anniversary of the birth of the European Central Bank. About a hundred guests were present at the party, including the president of the European Commission Ursula von der Leyen, the president of the EU Parliament Roberta Metsola, the president of the European Council Charles Michel, the German chancellor Olaf Scholz, the finance minister Giancarlo Giorgetti and Lagarde’s predecessors at the top of the ECB, the French Jean-Claude Trichet and Mario Draghi.

After greeting him at the beginning of her speech, Christine Lagarde stopped to underline Mario Draghi’s contribution to strengthening the ECB. «Thanks Mario, also for being here» said the president of the Eurotower in her speech at the ceremony for the 25th anniversary of the ECB’s activities. Lagarde recalled how «the first president of the ECB, Wim Duisenberg, faced 11 September and the dotcom crisis. His successor, Jean-Claude Trichet, had to deal with the global financial crisis and the sovereign debt crisis in his early days, which my predecessor, Mario Draghi, inherited ». As for the Italian banker, “he had to deal with fears for the future of the euro area, followed by a prolonged period of too low inflation”.

The president of the EP, Roberta Metsola, speaking in Frankfurt, then recalled that «eleven years ago, Mario Draghi’s “whatever it takes” moment marked the turning point in the European sovereign debt crisis. He’s turned a banking institution into an unlikely superhero. He trusted investors, banks, markets and citizens. He gave us the road to the future that we so badly needed. Here’s what the ECB has meant for our way of life. These three words have become the mantra not only of the European Central Bank, but of the entire European Union».