The following is the transcript of the interview with Christine Lagarde, president of the European Central Bank, that aired on "Face the Nation with Margaret Brennan" on Oct. 19, 2025.

MARGARET BRENNAN: We're joined now by the President of the European Central Bank, Christine Lagarde. The ECB sets interest rates for many countries in the European Union, which is America's largest trading partner. Good to have you here.

CHRISTINE LAGARDE: Lovely to be back, Margaret.

MARGARET BRENNAN: From where you sit, how would you describe the state of the global economy?

CHRISTINE LAGARDE: In transformation.

MARGARET BRENNAN: Transformation.

CHRISTINE LAGARDE: Transformation, I think caused by a couple of things. One is the tariffs, which have changed the map of trade around the world and reconst

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