Deutsche Bundesbank President Joachim Nagel warned on Friday that the European model of prosperity is coming under "mounting pressure" and that the European Union must increase its resilience. He stressed the importance of completing the banking union and the capital markets union, stating that it is "frustrating to see how slow progress has been."
Nagel also predicted that tariffs promised by United States President-elect Donald Trump would "re-ignite international trade conflicts and further impair our multilateral order," as well as possibly "inflict significant GDP losses" in the US and internationally. He said the EU should act "adequately and prudently" and aim to enhance its economic resilience without sacrificing the advantages of globalization and free trade.
