ECB president and governors of Bundesbank and Banque de France issue warnings over lack of reform
The EU’s top three central bankers all sounded the alarm over economic decline on Friday, warning that political paralysis was leaving Europe even more vulnerable in a potential trade war with the US. In a rare and strongly worded joint statement, the governors of the Bundesbank and Banque de France said the continent would be “condemned” if Germany and France cannot revive “joint French-German action”.
Nagel and Villeroy de Galhau called for a “deepening” of Europe’s single market, a “savings and investments union” as well as less red tape and more co-operation in defence. In a reference to the lack of Franco-German drive in these areas, the bankers warned: “To divide us would be to condemn us, and to condemn Europe.
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