Lagarde calls for eurozone-wide fiscal capacity

Christine Lagarde
Christine Lagarde
IMF/Cliff Owen

Christine Lagarde has called for major reforms of the European Union’s fiscal framework as she prepares to become president of the European Central Bank.

Lagarde called for the eurozone to develop a fiscal instrument capable of counter-cyclical spending across the area. She also made the case for a common “treasury”, which might have at least some of the functions of a finance ministry.

The next ECB president also called for the EU to implement a eurozone-wide deposit insurance scheme (Edis).

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