The global economy is experiencing a shift, driven mainly by emerging markets, European Central Bank President Christine Lagarde said Friday.
04 November 2019, Berlin: Christine Lagarde, President of the European Central Bank , will give the laudation to President of the Bundestag Schäuble at the "VDZ Publishers' Night 2019The global economy is experiencing a shift, driven mainly by emerging markets,In her first speech as head of the euro zone's central bank, Lagarde drew attention to a new order in the world economy and urged euro zone governments to take action.
"We are starting to see a global shift – driven mainly by emerging markets – from external demand to domestic demand, from investment to consumption and from manufacturing to services," Lagarde said at the European Banking Conference in Frankfurt. Different emerging nations have often relied on global trade and supply chains to boost their economic growth. However, the emergence of world trade conflicts are disrupting their economic models, the former head of the International Monetary Fund said, adding that this is also the case in Europe.
"World trade is being reordered as new technologies disrupt conventional supply chains and workplace organisation, and as potential new risks emerge from climate change. All this obviously has implications for our external sector, not least because the euro area's exports are intense in capital and intermediate goods," she said.from the European statistics office showed earlier this month that the euro zone exported goods totaling 196.
"Europe needs to innovate and invest to respond to these challenges and preserve its competitiveness in the longer run. But it also suggests that the high rates of trade growth that we are used to seeing are no longer an absolute certainty," Lagarde warned.
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