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FRANKFURT — European Central Bank President Christine Lagarde and Deutsche Bank Chief Executive Christian Sewing today stressed the importance of the eurozone’s financial autonomy to secure economic prospects for the region.
“Losing financial security for Europe would be just as bad as the energy dependence that is causing us so much pain right now,” Sewing said in opening remarks to the annual European Banking Congress in Frankfurt.
To avoid this, there must be a political determination to create the conditions that attract private capital to a much greater extent. “Without a substantial increase in private sector investment, Europe cannot be competitive over long term,” he cautioned, adding that Europe must push ahead with the Capital Markets Union in order to create an attractive market for domestic and foreign investors.
Lagarde said that Europe’s “strategic autonomy” agenda will be pivotal in making growth more resilient to the changing nature of globalization. “In a world fragmenting into blocs, it will allow us to retain access to critical technologies and resources, both through reshoring strategic industries and securing strategic alliances,” she said.
Source: Politico
