"Tariffs, the first step towards Europe's independence" - ECB President stresses the need for investments in energy, defense, digitalization
The current geopolitical and economic situation, especially with the increase in customs tariffs imposed by Donald Trump, "is the beginning of a march towards independence" for Europe, declared Christine Lagarde, President of the European Central Bank.
"I believe this is a moment when we must decide together to take control of our destiny. We are at an existential moment for Europe," Christine Lagarde added, calling for "to begin together this march towards independence in terms of defense, energy, financial and digital independence."
In this particularly uncertain context, "inflation is a daily battle," the ECB president stressed. With a forecast of 2.3% in Europe this year, "we are close to the target, but we need to stay there."
"Our absolute priority is to maintain price stability," she reiterated. "We are all determined to achieve this 2% target. To achieve this, some want to gallop, to walk very fast. Unfortunately, we are surrounded by uncertainty," she stressed.
Lagarde specifically cited Donald Trump's tariff decisions. Starting a trade war "would lead to a drop in eurozone growth of -0.3%" and by "-0.5%" if Europe implements a policy of reciprocity. "Every trade war creates losers. Nobody wins," she added.
In this context, the president of the Central Bank called for a review of the way Europeans' savings are invested. "Today, Europeans save much more than Americans. These savings are invested mainly in deposit accounts, which do not earn much, and this money is invested mainly in US Treasury bonds. So our European savings finance the American economy," says Christine Lagarde. "Maybe we should discuss the financing that is needed in Europe and how we can organize it."
Regarding investments in rearmament policies, she states that "security is never risky, it is mandatory." "Savings products should be designed" to "finance defense spending," she demands, also calling for "simplification" of the circulation of money in Europe.
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