European Central Bank (ECB) President Christine Lagarde said on Monday that central banks around the world must "provide stability in an age that is anything but stable" amid a "fragmentation of the global economy into competing blocs."
Speaking at an event in New York, Lagarde called for "greater policy cohesion" between central banks, stressing it doesn't mean "compromising independence, but recognizing interdependence between policies."
"We could see the benefits of this in Europe especially, where the multiplier effect of common action in areas such as industrial policy, defence and investing in green and digital technologies is much higher than Member States acting alone," she insisted. The ECB head urged banks to react to changing geopolitics now, before the "fragmentation is upon us."
