Lagarde ballerina meme ECB

The euro lifted in the past few minutes and a speech from ECB President Christine Lagarde was published but there are no comments about monetary policy in her speech (full text here).

She talks about the Ukraine war as a watershed in de-globalization:

"One can already see the emergence of three distinct shifts in global trade. These are the shifts from dependence to diversification, from efficiency to security, and from globalisation to regionalisation," she said.

Lagarde then made the case for keeping borders open and "making trade safer."

The latest euro moves are more about the dollar, bond markets and risk aversion.