ECB's Lagarde Seeks New Policy Mix
2019年11月22日 - 05:40PM
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Eurozone needs a new European policy mix that focuses on
boosting public investment to create a sustainable future, and a
review of the European Central Bank's monetary policy will start
soon, the new ECB President Christine Lagarde said Friday.
"Investment is a particularly important part of the response to
today's challenges, because it is both today's demand and
tomorrow's supply," Lagarde said in a speech at the Frankfurt
European Banking Congress.
"While investment needs are of course country-specific, there is
today a cross-cutting case for investment in a common future that
is more productive, more digital and greener."
In her first major speech as ECB Chief, Lagarde pointed out that
new investment needs are emerging.
The central bank's accommodative policy stance has been a key
driver of domestic demand during the recovery, and that stance
remains in place, Lagarde said.
"As laid out in the ECB's forward guidance, monetary policy will
continue to support the economy and respond to future risks in line
with our price stability mandate," she added. The ECB will
continuously monitor the side effects of its policies, the ECB
Chief said.
The former IMF Managing Director also said that the ECB monetary
policy is set to "undergo a strategic review" that will begin "in
the near future."
She will chair her first rate-setting session of the Governing
Council on December 12.
"It is clear that monetary policy could achieve its goal faster
and with fewer side effects if other policies were supporting
growth alongside it," Lagarde said.
The ECB Chief, who is also a former French finance minister, was
referring mainly to euro area fiscal policy. In his final policy
speech, her predecessor Mario Draghi had also sought support from
fiscal policy to boost Eurozone growth. Lagarde listed two main
challenges to Eurozone growth, going forward. The first is the
changing nature of world trade that remains marred by trade wars
and geopolitical uncertainties.
The second challenge is the long-term slowdown in growth in
advanced economies and the below-average growth of domestic demand
in the euro area.
"These twin external and domestic challenges call on us to
consider - as Europeans - how we should respond to the new
environment," Lagarde said.
"The answer lies in converting the world's second largest
economy into one that is open to the world but confident in itself
- an economy that makes full use of Europe's potential to unleash
higher rates of domestic demand and long-term growth."
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