“We have to act, we have to do it together and not just play defensively, if I may use football terminology.” This is the recipe that the president of the ECB, Christine Lagardesigned in Davos to confront the United States … United of Donald Trump.
In this sense, Lagarde has begun to expose the European strengths that allow, in her opinion, to maintain optimism: «The EU produces almost as many graduates in science, technology, engineering and mathematics per million inhabitants as the United States. “We have 3.5 million Europeans in cutting-edge technology and I think they understand what I mean, that we have the talent.”
“Besides, Europeans are saving a lot: 15% of GDP. Where does the money go? Every year 300,000 million euros are invested in the United States. What I’m getting at is that we have the talent and we have the money, the ideas in areas that really matter for the future and we apply for as many patents as the United States,” he continued his presentation, in a panel on how to avoid the collapse of Europe in which Also participating were the German Minister of Economy, the Green Robert Habeck, and the CDO of the German pharmaceutical company Merck, Berlén Garijo.
«We have many assets, but many times we are shooting ourselves in the foot because we do not complete the work we have set out to do,» he continued, specifying the ingredients of his recipe, «let’s look at the Single Market, if we had a real single market, we would eliminate around 40 % of the equivalent customs duties among us Europeans and around 110% of the customs duties of the service customers among us. “We can do a more than decent job if we quickly remove some of the barriers that we have been letting history build and that hinder what we have,” the path suggested, “I’m being a realist-optimist.”
“I think there is now a very broad consensus among the political parties of all countries, with the exception of two or three that have their vested interests that they are trying to protect, and they agree that we need a Capital Market Union to manage more money within Europe and make sure that money reaches venture capital funds and shareholders. And that really facilitates the expansion of many emerging companies,” he pointed out, “those who do not want should not be excluded, but simply told that they have an acquired territory that we can protect, while the rest of us make a transition to the Market Union. Capitals».
Lagarde agreed with the president of the European Commission, Ursula von der Leyenand with the Portuguese economist Maria Luis Alburquerque, who stated in Davos that “there is a list of things to do, you have to plan and set deadlines, and you have to decide who does what and when, like carrying out a re-securitization of the products of investment and savings, improve the supervision of commercial structures or do this or that thing in a more harmonized way.
“I won’t bore you with this, but as far as all of these objectives are concerned, I want to see results by the end of 2025,” he surprised his interlocutors. «Yes, I know, you say this to any European commissioner you know and they will say oh, they will go away. But no, we can’t do that. Before we could do things in six years that now have to be done in two,” he harangued, “economists believe in incentives for very talented and very competent public officials in Brussels to really focus on speed and results if there is political will. , if we know what the objectives should be. “Provide another draft regulation for your commissioner when he comes to the next meeting, make it effective, and, by the way, remove all the inconsistencies, layers, additional buffers and all that… I’m not talking about financial regulations, but there are to clean”, she described the work she expects from European officials.
Lagarde is not so inclined towards “deregulation” as towards “simplification”. “We are not going to give up data protection in Europe, because we would lose rights of the European population,” he gave as an example, “but we cannot allow it to be so cumbersome to prepare adequate and acceptable documentation.” “Words matter,” he insisted, “we are not moving towards a world of widespread deregulation, but we are certainly considering significant simplification and a focus on true purpose.”
In her speech, Lagarde sounded much more confident and optimistic that in the interview also granted in Davos to CNBC, in which he spoke of Europe facing an “existential crisis”, but also called for “closing the competitive gap with the United States and China, at what he called the” crossroads of disembarkation of Donald Trump” in the White House.
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