ECB's Lagarde Tells Eurozone To 'innovate And Invest'

Christine Lagarde on Friday urged European countries to "innovate and invest" more to support growth at a time of global uncertainty, in her first major policy speech as president of the European Central Bank

Frankfurt am Main, (UrduPoint / Pakistan Point News - 22nd Nov, 2019 ):Christine Lagarde on Friday urged European countries to "innovate and invest" more to support growth at a time of global uncertainty, in her first major policy speech as president of the European Central Bank.

The ECB's ultra-loose monetary policy would "achieve its goal faster and with fewer side effects" if euro area governments supported it with fiscal policy, Lagarde told a banking conference in Frankfurt.

The eurozone economy is expected to grow just 1.1 percent this year, she said, "much lower than previously forecast" as "trade tensions and geopolitical uncertainties" take their toll.

"Europe needs to innovate and invest to respond to these challenges and preserve its competitiveness in the longer run," said Lagarde, the former head of the International Monetary Fund.