Transcript: Christine Lagarde, European Central Bank president, on "Face the Nation with Margaret Brennan," Feb. 22, 2026

February 22, 2026

TL;DR

Christine Lagarde, President of the European Central Bank, highlighted confusion and uncertainty surrounding global trade tariffs.
She stated that tariffs harm everyone and create instability for trade and investment.
Lagarde stressed the critical need for central bank independence from political pressure, citing historical examples and the long-term impact of monetary policy decisions.
She noted that the burden of tariffs has largely fallen on U.S. importers and consumers.
Lagarde affirmed her commitment to her role at the ECB until the end of her term.
She also commented on the challenge of maintaining leverage as Russia and China use their own currencies to bypass sanctions.

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