Lagarde called on all stakeholders to demonstrate "unwavering commitment" to the Capital Markets Union (CMU)

PHOTO: Xinhua/Zhang

FRANKFURT, Nov. 17 (Xinhua) -- European Central Bank (ECB) President Christine Lagarde on Friday called for bold steps to push for a capital markets union (CMU) in the European Union (EU).

Speaking at the European Banking Congress in Frankfurt, she said that the CMU is crucial to raising the money needed to respond to the challenges posed by deglobalisation, ageing populations and climate change. Having stronger authority in securities and markets would be a step in the right direction, she said.

"Tackling all these challenges simultaneously will take a generational effort - and massive investment is needed in the short term," Lagarde said, adding that the EU is "at a critical juncture".

(Xinhua/JaV)