"US tariffs threaten global economy" - ECB head stresses that Europe's objective is stability
US tariff threats have hampered the global economic recovery, adding great uncertainty and deterring global investment, said Christine Lagarde, president of the European Central Bank (ECB).
During her visit to Beijing, the ECB head highlighted the disastrous impact of unilateral and unstable US policies on the global economy.
"When I look at the global economy, I see that it has suffered a series of major shocks. We have short memories, but when we look at what we have faced in the last three years, it is incredible. But from successive and almost compound shocks, ultimately, the global economy emerged with a high degree of resilience. And this is particularly the case for Europe. Unfortunately, as we were entering this recovery mode, a great deal of uncertainty fell on the global economy as a result of tariff threats and announcements that were made and then withdrawn," Lagarde said.
Trump's protectionist policies have not only dampened the economic prospects of major economies, but have also left global businesses and investors stranded, Lagarde noted.
"Our forecasts have been revised downwards. So have the forecasts of the IMF, the World Bank, the OECD, and most countries are affected by this situation. Everyone is losing out from these unrest. Also, the high level of uncertainty is hindering many investment projects and many developments, because investors are not sure what awaits us in the future," she said.
Despite all the difficulties, the ECB is committed to its mission to restore stability.
"The Central Bank has a key mission and that is stability. So, we aim for price stability, but we also know that we cannot have it without financial stability. We are very focused on monitoring the potential risks, the uncertainty that prevails around the European economy to anticipate any further consequences and to find a solution," Lagarde stressed.
According to her, so far the ECB has managed to avoid drastic price increases in the eurozone and is in a good position to counter future shocks.
"We are within our medium-term objective, which is 2 percent. We must maintain stability as much as is required in certain circumstances. This is our objective," Lagarde said.
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