August 14, 2022

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Lagarde: The euro made Europeans 'stronger'

Lagarde: The euro made Europeans ‘stronger’

European Bank President Christine Lagarde on Friday stressed that Europeans have become “the strongest” in the twentieth anniversary of the beginning of the single currency’s handling of crises, especially during epidemics.
In a speech published in several European newspapers, including Frankfurter Rundschau of Germany, Corriere della Sera of Italy and La Provence of France, Lagarde said, “We have no doubt that we are strong because of the euro.”
Twenty years ago, millions of Europeans in 12 countries abandoned their national currency for the euro.
The symbol of European unity – but because the countries’ economies are not close – has faced severe crises that are in danger.
However, Lagarde noted that “the recent economic downturn would have been even more devastating had it not been for the stability and consolidation that the euro has given to our single market.”
Since the outbreak of the Govt-19 epidemic, he said, “the single currency has played a key role in integrating responses in Europe.”
The governments of the member states have spent lavishly to revive the epidemic-ravaged economic sectors, while the European Bank has spent hundreds of billions of euros to maintain good financial conditions in the economy.
Despite the decline in the number of counterfeit notes over the years, Lagarde stressed that the European Bank was “working tirelessly” to “protect the banknotes from counterfeit notes.”
He added that it was the “duty” of the bank to “study possible forms of surcharge such as the digital euro”.
The European Bank has announced that it will begin work on the adoption of the digital euro within five years, in response to an increase in cryptocurrencies and the proliferation of cryptocurrencies.
(AFP)

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