ECB takes action on trade war with the US - Lagarde: The urgency to integrate our capital markets has increased
European Central Bank President Christine Lagarde reiterated her call for economic integration across Europe, arguing that intensifying global trade tensions and a widening technology gap with the United States create an urgency for new action.
US President-elect Donald Trump has promised to impose tariffs on most imports, and that Europe would pay a heavy price for running a large trade surplus with the US for decades.
"The geopolitical environment has also become less favorable, with increasing threats to free trade from all over the world," Lagarde said in a speech, without directly referring to Trump.
"While Europe has made some progress, EU members tend to scale back most proposals to protect national interests to the detriment of the bloc as a whole. When money actually enters the capital market, it often stays within national borders or leaves for the US in the hope of better returns," added Lagarde.
Therefore, according to her, Europe should reduce the cost of investing in the capital markets and should make the regulatory regime easier for the flow of money to the countries where it is most needed.
"One solution could be the creation of an EU-wide regulatory regime and some issuers who can choose this framework. So Europe should make it easier for investments to flow into venture capital and for banks to finance startups," she said.
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