Lagarde Pushes EU for Urgent Financial Reforms Amid Global Pressure

Christine Lagarde, the President of the European Central Bank, has urged EU leaders to take immediate action in essential areas, including the contentious issue of joint debt issuance, to fortify the bloc's resilience amidst global uncertainties, a source revealed to Reuters.

This initiative is part of Lagarde's effort to energize a sluggish reform process, especially as the EU faces unpredictable moves from the U.S. and growing challenges from China's market expansion. Last week, Lagarde announced she would propose a "checklist" of reforms at the EU summit, and the ECB has since developed a document listing crucial tasks.

According to the document, five areas need urgent attention: establishing a savings and investment union, actualizing the digital euro, deepening the single market, fostering innovation, and reinforcing institutional frameworks. "With coordinated and decisive collective action, Europe can unlock higher growth potential," the document states, advocating for enhanced productivity and investment.