Lagarde urges the EU to turn the crisis into a chance to strengthen the euro

ECB President Christine Lagarde said that the current period of instability could be an opportunity for the EU to strengthen its position if the union manages to implement reforms quickly. To do this, Lagarde believes, rapid changes are needed at the level of the common market, in particular, reducing bureaucracy and improving the decision–making mechanism, including eliminating the right of veto, which allows one country to block the initiatives of all others.

The head of the regulator emphasizes that against the background of trade conflicts, when even the status of the dollar as a global currency raises questions, the euro still occupies a modest place in global calculations. This is especially noticeable given that Europe is a key trading partner for countries that account for about 40% of global GDP.

Lagarde also pointed out the need to complete the integration of the single market, including the transition to the euro of six countries – Romania, Hungary, Poland, the Czech Republic, Sweden and Denmark (Bulgaria is likely to join next year).

In this context, the ECB President calls for action on three fronts – the EU's geopolitical reputation, economic sustainability, and legal and institutional integrity, given that the world and its rules are changing.