Fed Chair Kevin Warsh speaks at ECB Forum in Sintra

The European Central Bank’s annual Forum on Central Banking opened on June 29, 2026 in Sintra, Portugal and will run through July 1. The three‑day event brings together the heads of the world’s major central banks – Federal Reserve Chair Kevin Warsh, ECB President Christine Lagarde, Bank of England Governor Andrew Bailey and Bank of Canada Governor Tiff Macklem – for panels on innovation, growth, artificial‑intelligence risks and financial‑stability challenges. Warsh’s appearance marks his first public speaking engagement outside the United States since taking office, and markets will scrutinise his low‑information communication style for clues on future U.S. policy.

Lagarde used the opening remarks to announce a shift back to “basic” monetary tools. After a decade of large‑scale bond purchases, emergency lending and forward guidance, the ECB will rely again on the policy rate as its primary instrument, with the deposit rate now at 2.25 %. She introduced a new “framework guidance” approach that focuses on how decisions are made rather than signalling specific future moves, signalling a move away from forward guidance. The forum also featured discussions on tokenisation, digital finance and the impact of AI on the economy.

Analysts expect the combined messages from Warsh and Lagarde to shape expectations for both U.S. and euro‑area policy in the months ahead.