IMF warns about European complacency and urges competitiveness

euronews (in English)

International Monetary Fund Managing Director Kristalina Georgieva speaks to Euronews after meeting with German Chancellor Olaf Scholz as she begins her second term.

Transcript

00:00The International Monetary Fund is recommending that Europe sticks together in the face of

00:04fragmentation within the single EU market in order to avoid a financial crisis.

00:10As the world grapples with crises emerging one after another, such as Covid and the full-scale

00:15invasion in Ukraine, Managing Director Kristalina Georgieva says that Europe needs to start

00:20preparing for other shocks to make sure it's not left behind.

00:23It is important for Europe to stand tall on its achievements.

00:30One massively well-performed task to free itself from dependency on Russian oil and

00:39gas, it has been done remarkably well.

00:43Europe can be proud of it.

00:46Europe can be proud of the attention it pays to the big challenges of today and tomorrow

00:53– climate, demography, technology and, a critical one, fairness in society.

01:02Georgieva says that Europe needs to start by reducing bureaucracy and administrative

01:06inefficiency and to prioritise developing businesses that can compete competitively

01:11on a global level.

01:12Europe should be careful not to be complacent.

01:17The world is moving very rapidly.

01:20Attention to European competitiveness is so important.

01:24Right now, Europe is rightly focused on the immediate task in hand – bring inflation

01:32down.

01:34Big success so far, don't lose sight of data if you need to calibrate appropriately

01:42steps taken in the future.

01:44And very important for Europe, reignite growth.

01:48If growth remains as anemic as it is now, it will be hard for Europe to achieve the

01:58objectives that people here aspire for – a digital, green economy that benefits people

02:06and offers opportunities for businesses.

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