ECB President Lagarde addresses changing global economic environment
Christine Lagarde gave her first speech as the European Central Bank President. Lagarde specifically focused on the changing environment of the world economy and how Europe needs to consider its place and reset its ambitions.
Fri, 22 Nov 2019 15:39:08 GMT
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AI Generated Summary
- Lagarde highlights the impact of trade tensions and geopolitical uncertainties on global growth
- Structural changes in trade patterns towards domestic demand and services are emphasized
- The importance of Europe redefining its ambitions and position in the global economy is underscored
Christine Lagarde, the President of the European Central Bank, delivered her first speech in this role, emphasizing the need for Europe to redefine its ambitions and position in the evolving global economic landscape. Lagarde highlighted the significant shifts in the global trade environment, including ongoing trade tensions and geopolitical uncertainties that have led to a slowdown in growth. She pointed out that global trade growth has more than halved since last year, contributing to the lowest global growth levels since the financial crisis. Lagarde also discussed structural changes in trade patterns, such as a shift from external to domestic demand and from manufacturing to services. Additionally, she emphasized the importance of addressing new risks like climate change in the context of trade. Lagarde underscored the crucial role of Europe in navigating these challenges, urging policymakers to consider how the region can best position itself in the global economy. She touched on the need for policy responses to address the current economic conditions and outlined the key benefits of embracing a new economic ambition. Lagarde's speech reflects a call to action for Europe to rethink its approach and enhance its competitiveness in the face of a rapidly changing economic landscape.
