"The European economy needs a deep overhaul" - ECB President Lagarde: We must face the new world order
The European economy needs a "deep overhaul" to face "a new international order", declared the president of the European Central Bank, Christine Lagarde.
She said she expected only a slight inflationary effect from the US tariffs, with a stronger impact in Germany than in France, but added that European countries would be much stronger if they removed non-tariff trade barriers within the bloc.
"Since we have inflation under control at 1.9%, the impact will be minimal. What is much more serious is the degree of uncertainty created by these continued upheavals," she said, referring to the threat of higher tariffs.
US President Donald Trump vowed on Saturday to impose a wave of tariff hikes from February 1 on EU members Denmark, Sweden, France, Germany, the Netherlands and Finland, along with Britain and Norway, until the US is allowed to buy Greenland, a move that key EU states called blackmail.
"Trump often sets the bar very high, to levels that are sometimes completely unrealistic," Lagarde said.
"In response, Europe must show what instruments are available, demonstrate collective resolve, and be united and resolute," she added.
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