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MNI BRIEF: 'True' CMU Needed To Transform Economy - Lagarde

(MNI) LONDON
(MNI) London

ECB president Christine Lagarde has renewed calls for the creation of a European capital market union, which she said would become a "vital tool" in financing the transformation of Europe's economy at a time when the need to do exceeds the capacities of fragmented financial markets.

"Europe is facing a series of common challenges, with the “three Ds” of deglobalisation, demographics and decarbonisation looming larger," she said Friday at the European Banking conference. "Addressing all these challenges at the same time will require a generational effort – and massive investment is needed in a short space of time [...] We will not succeed in these transitions if we don’t get CMU back on track."

MNI Frankfurt Bureau | +49-69-720-146 | luke.heighton@marketnews.com
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MNI Frankfurt Bureau | +49-69-720-146 | luke.heighton@marketnews.com
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