On this evening, the European Central Bank rolls out the blue carpet for itself. Like a ribbon, it zigzags from the entrance to the high glazed foyer of the ECB high-rise building in Frankfurt's Ostend to the ballroom, bounded on both sides by a blue barrier tape. Outside, large limousines stop at short intervals and drop guests off as if they were in Cannes or at the Bayreuth Festival. In addition, you can see motorcycle squadrons of the police and armies of bodyguards.

Christian Siedenbiedel

Editor in business.

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After all, it is not only German Chancellor Olaf Scholz who has announced his attendance, but numerous politicians from all over Europe. French Prime Minister Emmanuel Macron, however, had cancelled due to scheduling difficulties. As if on a catwalk, the guests move in – such a carpet seems to encourage them to "walk".

Blue seems to be the color of the euro

The ECB celebrated its 25th birthday this Wednesday evening – and there had not been so much fuss here since the day former ECB President Mario Draghi handed over the presidency to Christine Lagarde. Everything shines in blue, which is apparently now the euro color.

After all, Lagarde had once suggested that the euro could be given a nickname: just as the dollar is called "greenback" after its background, the euro could be christened "blue bridge" because of the blue bridge on the 20-euro banknote.

On this evening, a logo with a large twenty-five and seven yellow stars also hangs on a wall in the ECB foyer. Evil tongues on the edge of the blue carpet blaspheme that the seven stars unquestionably stand for the seven percent inflation that the central bank in the euro area is currently struggling with.

This becomes the challenge of the evening: How do you really congratulate someone on their birthday who is currently in a somewhat delicate situation? "Happy birthday, ECB" can be heard all the time this evening, as well as "Joyeux anniversaire". There is also hearty laughter when, for example, ECB President Lagarde meets her predecessors Mario Draghi and Jean-Claude Trichet.

The organizer has dispensed with champagne, instead there is Crémant. This is almost reminiscent of the financial crisis, when banks in Germany also had to be supported by the state and the then Commerzbank boss Martin Blessing unceremoniously cancelled the Frankfurt Banking and Stock Exchange Ball – with the justification: "Champagne on state plasticine", that was simply not possible.

The birthday speeches for the ECB this evening therefore follow a clear pattern: they praise the euro and the work of the ECB in the past – and describe the current situation as a challenge, so to speak.

Federal Chancellor Scholz recalled how Draghi managed to turn the euro crisis around in just three words: "Whatever it takes". The ECB has proven to be an "anchor for stability in the euro area". Only very cautiously, and with the restriction that he does not want to interfere in the independence of the central bank under any circumstances, the Chancellor dares to tackle the topic of inflation, which particularly affects people with low incomes. Something must be done "with combined forces", says the Chancellor. And: He "fully supports" the central bank's efforts in the fight against high inflation.