"Europe is becoming more resilient to economic shocks" - Lagarde: Better banking and fiscal regulations
Europe is becoming less vulnerable to external shocks thanks to a better financial framework and progress in the green transition, said European Central Bank (ECB) President Christine Lagarde. Better banking and fiscal regulations, as well as investments in low-carbon energy, have borne fruit recently, Lagarde said.
“While we are more likely to face shocks that take inflation away from the target, the resilience that Europe has built means that their effects on our economy are more contained,” she said. “Therefore, we may find ourselves more often in an intermediate zone, between shocks that we can consider and those to which we need to react forcefully.”
As tensions ease amid a peace deal, policymakers must decide whether further monetary tightening is needed.
The June interest rate hike “was a decision based on what we saw in front of us,” Lagarde noted. “Our ability to take that with confidence, in an environment of considerable uncertainty, is the product of years of investment in our data, our indicators and our forecasts.”
The president stressed that the ECB's response function is now "well understood" by markets, as they adjust financial conditions themselves in response to new data.
“Monetary policy starts to take effect before we have made a decision,” she added. “This gives us time to assess how a shock is developing before committing to a course of action, which is very valuable in conditions of high uncertainty.”
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