Head of ECB Lagarde, appeal to EU countries - "Europe must pool resources for common priorities"!
Europe must pool resources in areas such as defense and climate, as its productivity growth is currently faltering and the world is fragmenting into rival blocs, European Central Bank President Christine Lagarde said.
The continent has lost its place at the forefront of progress in the digital age at the same time as free trade is increasingly questioned and regulations between advanced economies diverge, she said.
"By acting as a union to increase productivity and pooling our resources in areas where we have a close convergence of priorities, such as defense and the green transition, we can deliver the results we want and be efficient in our management of the public. expenses", said Lagarde.
Her call for greater integration echoes warnings from other policymakers who say Donald Trump's return to the White House could usher in a new era of protectionism that would be particularly damaging to Europe's economy.
The head of the Bundesbank, Joachim Nagel, has said that if Trump implements his plans, it could cause a 1% reduction in Germany's economic output. According to him, higher and more volatile inflationary pressure could prompt central banks to react with higher interest rates.
Lagarde did not refer to Trump by name in her prepared remarks, nor did she mention inflation or monetary policy. She repeated her call for the European Union to boost productivity by removing barriers to a single market for capital in order to better channel savings to entrepreneurs and innovation.
"We can no longer see ourselves as a free club of independent economies. This perspective is outdated in a world that is fragmenting into geopolitical blocs centered around the largest economies," said Lagarde. "Today we must see ourselves as a single, large economy with largely shared interests."
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