Actually, the motto that the European Central Bank (ECB) has chosen for its birthday party sounds quite promising: "Stability is our thing", which – loosely translated – means something like: "Nothing gives us as much joy in life as our courageous fight for price stability in the euro area."

Christian Siedenbiedel

Editor in business.

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ECB President Christine Lagarde wants to celebrate the 25th anniversary of the central bank next Wednesday in the striking ECB skyscraper in Frankfurt's Ostend with all kinds of celebrities, a European silver wedding anniversary, so to speak. There should be fish, music and a birthday cake, cut by the boss herself, so much has already leaked out.

There is a birthday cake

It would undoubtedly be a wonderful celebration in Frankfurt's Ostend, which has actually blossomed quite a bit since the central bank tower protrudes from the former wholesale market hall designed by architect Martin Elsaesser from the 1920s – if it weren't for a catch: the birthday party is taking place at a time when inflation in the euro area is a whopping 7 percent.

Of course, this is not nice for the jubilee celebration. According to everything you hear, however, the central bank has not been able to bring itself to cancel the party for reasons of reverence, nor is the evil number seven supposed to appear somewhere on the birthday cake. That would be even nicer.

The first lists are already circulating of who is coming and who doesn't want to be seen. In any case, Chancellor Olaf Scholz (SPD) has confirmed his appearance and even wants to give a speech, which is not to be taken for granted, because the federal government generally tends to stay out of monetary policy matters.

French President Emmanuel Macron, on the other hand, has cancelled. The head of the French central bank, François Villeroy de Galhau, will of course be there as a member of the ECB Governing Council.

Members of the government, or at least the respective ambassadors, come from many other euro countries. From Italy, Finance Minister Giancarlo Giorgetti has announced his appearance, Prime Minister Giorgia Meloni, on the other hand, is unlikely to travel.

Mario Draghi also wants to join in the celebrations

The former presidents of the ECB will also do the honors: Mario Draghi, who has been much criticized in Germany in particular, but during whose term of office inflation was ultimately lower on average than in the days of the Deutschmark, will be there. And his predecessor Jean-Claude Trichet, who was at the helm of the central bank until 2011, also wants to join in the celebrations. The President of the European Commission, Ursula von der Leyen, has announced a birthday greeting.

Let's take a look back: When banks had to be rescued in Germany during the financial crisis, the then Commerzbank boss Martin Blessing cancelled the banking and stock exchange ball without further ado: "Champagne on state dough", that was not possible, he said.

The ECB, on the other hand, prefers to follow the principle that one should celebrate the festivities as they fall – and is likely to understand the motto "Stability is our thing" as a challenge for the future.

Quite soberingly, however, Bundesbank President Joachim Nagel recently said in an interview that high inflation is unlikely to disappear by the end of this year – it is more likely to be at the beginning of 2025.