ECB’s Nagel: Europe Should Do Anything to Uphold Cooperation with US

By Marta Vilar – MADRID (Econostream) – European Central Bank Governing Council member Joachim Nagel said on Monday that Europe has been significantly affected by geoeconomic fragmentation and should do everything possible to maintain close cooperation with the United States.

In a speech at the New Year’s Reception of the American Chamber of Commerce in Frankfurt, Nagel, who heads the Deutsche Bundesbank, described the EU-US partnership as “essential.”

He said Europe had been “greatly affected by geoeconomic fragmentation,” contributing to weaker growth and declining competitiveness in recent years.

“We in Europe have to take decisive measures to boost our economic dynamics,” he said. “Such measures should not only aim at securing export markets, but also at exploiting the huge potential of the European internal market.”

Among the measures he proposed were regulatory simplification, greater investment in energy and digital infrastructure, and strengthening the international role of the euro.

Nagel also underscored the importance of preserving transatlantic dialogue, saying Europe should do all it can to uphold cooperation with the US despite existing challenges.

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