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MNI BRIEF: ECB Lagarde Warns of Increasing China Competition

EU risks falling behing in global technology race, ECB president warns.
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MNI (LONDON) - Europe faces significantly stronger economic competition than the U.S. from China intraditional areas of strength, ECB President Christine Lagarde said on Monday. 

Addressing a conference in Paris about the risks of the EU falling behind global superpowers, Lagarde highlighted the need to address structural challenges. The EU’s share of global trade is declining, with “a notable fall since the onset of the COVID-19 pandemic,” Lagarde said. She pointed to ECB analysis showing that the share of sectors in which China competes directly with euro area exports has “almost doubled to nearly 40% since 2002.”

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MNI (LONDON) - Europe faces significantly stronger economic competition than the U.S. from China intraditional areas of strength, ECB President Christine Lagarde said on Monday. 

Addressing a conference in Paris about the risks of the EU falling behind global superpowers, Lagarde highlighted the need to address structural challenges. The EU’s share of global trade is declining, with “a notable fall since the onset of the COVID-19 pandemic,” Lagarde said. She pointed to ECB analysis showing that the share of sectors in which China competes directly with euro area exports has “almost doubled to nearly 40% since 2002.”

Keep reading...Show less