ECB President Christine Lagarde and French Economy Minister discuss global economic recovery Description video: #EuropeanCentralBank #ChristineLagarde #Davos\nEuropean Central Banks President Christine Lagarde and French Economy Minister Bruno le Maire, attend a virtual Davos Agenda panel debate on restoring economic growth.\n\nFor […]
ECB President Christine Lagarde and French Economy Minister discuss global economic recovery
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ECB President Christine Lagarde talks about the new order in the global economy
European Central Bank President Christine Lagarde said on Friday that the global economy is undergoing a shift driven mainly by emerging markets.
In her first speech as head of the eurozone central bank, Lagarde drew attention to the new order in the global economy and urged eurozone governments to take action.
«We are beginning to see a global shift – mainly driven by emerging markets – from external demand to domestic demand, from investment to consumption and from manufacturing to services.», – said Lagarde at the European Banking Conference in Frankfurt.
Various developing countries have often relied on global trade and supply chains to accelerate their economic growth. However, the emergence of global trade conflicts undermines their economic models, said former head of the International Monetary Fund, adding that this is also the case in Europe.
«Global trade is reordering as new technologies disrupt traditional supply chains and job creation, as well as potential new risks from climate change. All of this obviously has implications for our external sector, not least because exports from the euro area capital and intermediate goods is intensive», – she said.
Data from the European Statistical Office showed earlier this month that the eurozone exported goods totaling € 196.2 billion ($ 217.25 billion) in September 2019, showing an annual increase of 5.2%. This resulted in a surplus in merchandise trade with the rest of the world in September of € 18.7 billion ($ 20.71 billion USA).
«Europe needs to innovate and invest in order to meet these challenges and remain competitive in the long term. But it also suggests that one cannot be absolutely sure about the high growth rates of trade, which we are used to seeing», – warned Lagarde.