PHOTO: Xinhua/Zhang

FRANKFURT, November 17 (Xinhua) – Christine Lagarde, President of the European Central Bank (ECB), on Friday called for bold steps to advance the development of the Capital Markets Union (CMU) within the European Union (EU).

In a speech at the European Banking Congress in Frankfurt, she stated that the CMU is crucial for mobilizing the capital needed to address the challenges posed by deglobalization, an aging population, and climate change. Having a stronger authority in the area of securities and markets would be a step in the right direction, she said.

“Addressing all these challenges simultaneously will require a generational effort – and massive investments are needed in the short term,” Lagarde said, adding that the EU is at a “critical juncture.”

(Xinhua/JaV)