- 8 hours ago
Szefowa MFW wzywa do powołania „nadzorcy jednolitego rynku” w celu wdrożenia raportu Draghiego
Dyrektorka zarządzająca Międzynarodowego Funduszu Walutowego Kristalina Georgieva wzywa do wprowadzenia jednego, autorytatywnego głosu odpowiedzialnego za wdrażanie raportu Draghiego, ponieważ w przeciwnym razie Europa ryzykuje utratę cennego czasu w kluczowym dla bloku momencie.
CZYTAJ WIĘCEJ : http://pl.euronews.com/2025/11/14/szefowa-mfw-wzywa-do-powolania-nadzorcy-jednolitego-rynku-w-celu-wdrozenia-raportu-draghie
Zasubskrybuj nasz kanał.Euronews jest dostępny na Dailymotion w 12 językach
Dyrektorka zarządzająca Międzynarodowego Funduszu Walutowego Kristalina Georgieva wzywa do wprowadzenia jednego, autorytatywnego głosu odpowiedzialnego za wdrażanie raportu Draghiego, ponieważ w przeciwnym razie Europa ryzykuje utratę cennego czasu w kluczowym dla bloku momencie.
CZYTAJ WIĘCEJ : http://pl.euronews.com/2025/11/14/szefowa-mfw-wzywa-do-powolania-nadzorcy-jednolitego-rynku-w-celu-wdrozenia-raportu-draghie
Zasubskrybuj nasz kanał.Euronews jest dostępny na Dailymotion w 12 językach
Category
🗞
NewsTranscript
00:00Wielkie dziękuję.
00:08Wielkie dziękuję.
00:10My guest today jest Krystalina Gyorgieva,
00:12Managing Director of the IMF.
00:14Madame Gyorgieva,
00:15thank you very much for joining us
00:16exclusively on Euronews
00:18from a very special location
00:20because today we are in Bulgaria,
00:22your home country.
00:24So it makes it special in a way.
00:26Very special. Thank you for having me from here.
00:28I wanted to start with the man
00:30some say is now the voice of
00:32reason in Europe and that could be
00:34Mario Draghi. He said this is now
00:36an existential moment for this continent.
00:38When you look at Europe and now we are in Europe.
00:40Is that something that you go,
00:42he's right, it's existential.
00:44He's right. In a rapidly changing
00:46world,
00:48moving slowly means falling
00:50behind. And
00:52Europe has been moving slowly
00:54on completing the
00:56of the single market.
00:58When we look at the
01:00European project, it is fantastic.
01:02The best invention
01:04of the 20th century
01:06was the convergence engine
01:08of Europe.
01:10But we are now seeing
01:12this engine
01:14slowing down.
01:16When we read
01:18the Draghi report, it is very clear
01:20what needs to be done.
01:22At the Fund we actually look at the
01:24priorities and we came up with
01:26four points for Europe
01:28to regain competitiveness
01:30and they are
01:32one, create the 28
01:34regime for firms.
01:36Why? Because companies should be
01:38able to register in multiple countries
01:40under the same rules.
01:42Two, complete the banking
01:44union, the capital markets union.
01:46Why? Because if we don't,
01:48our savings,
01:50European savings,
01:52will be working somewhere else.
01:54Over 300 billion euros
01:56are working,
01:58not in Europe.
02:00Three, get the
02:02labor qualifications
02:04to move with people.
02:06Now, labor can move
02:08but qualifications
02:10have to be regained
02:12time and again.
02:14And that is, of course,
02:16a problem for using
02:18our labor effectively.
02:20And four, integrate
02:22the energy system of Europe.
02:24So, of course, Mario Draghi
02:26gave a very comprehensive
02:28set of recommendations.
02:30We heard then
02:32many lofty words.
02:34Oh, so important.
02:36Oh, we have to do it.
02:38But we are more on the talking
02:40itself.
02:42So, speed up Europe.
02:43And, of course,
02:44that's a great point
02:45because it's been a year now
02:46and the premise of this report
02:47was either radical change
02:49in Europe
02:50or a form of slow agony.
02:52Which one is it going to be?
02:54I am an optimist about Europe
02:56because I have seen Europe
02:58time and again
02:59when it is really tough
03:01making the right choice.
03:03Very often,
03:05it takes some time
03:07but then the moment comes
03:09like during Eurozone crisis
03:11when decisive action
03:14saved Europe.
03:15And actually,
03:16the very same Mario Draghi
03:17at that time said
03:18whatever it takes.
03:20And we are in a similar
03:21moment now.
03:22Why?
03:23Because when we look
03:24at the productivity
03:26of the United States
03:27and productivity
03:28in Europe,
03:29Europe lags behind.
03:31When we look at growth
03:33in Europe,
03:341.2%.
03:35So, we have all this wealth
03:37and this is all we can produce.
03:391.2% growth.
03:41When we look at the dynamic firms
03:45in the United States,
03:47there are firms that grow very rapidly.
03:49In Europe,
03:51we do not have that phenomenon
03:53of rapidly growing high-tech firms.
03:56firms.
03:57Can Europe catch up?
03:59Of course.
04:00But for that,
04:01we need to make the single market
04:03our number one priority.
04:06And actually,
04:07I have been recommending
04:09to have a single market czar,
04:13somebody who is given the authority
04:15on all the aspects of the single market
04:18to call the shots.
04:20And that's a great point
04:22because the problem is at this point
04:24is that the European leadership
04:25is just too weak.
04:27Who can be the whatever-it-takes person?
04:29Who's the man, the woman?
04:30You know, I think...
04:31Is there anyone?
04:32So, let me say that.
04:34I have seen very strong leaders
04:37on the economic front in Europe.
04:40And I think if Europe is willing
04:43to delegate authority,
04:45Europe will have enough skills
04:48and capabilities to do it.
04:51I just want to remind you
04:53when the UK decided to leave
04:56the European Union.
04:57At that time,
04:59what did Europe do?
05:00Well, delegated authority
05:02to negotiate on behalf
05:03of all 27 countries
05:05to Michel Barnier,
05:07to one person.
05:08And this one person
05:09had access to heads of states,
05:11had access to the resources
05:13of the Commission,
05:14led the negotiations
05:16and the benefits
05:18that were shared
05:19by all member states.
05:20So, I'm confident
05:21that if there is a will,
05:24there would be a way.
05:26Right now, when you look
05:27at all these things
05:28I'm talking about,
05:29they are in the hands
05:31of different council formations.
05:34Too many cooks.
05:35And different commissioners running.
05:37I used to be a commissioner.
05:38I know that unless you're given
05:40full authority,
05:41it's very hard to break through.
05:44So, Europe has to say,
05:47we want the best for our future.
05:52And you cannot get it
05:54without completing
05:55the single market.
05:56Just not possible.
05:57And this is a fascinating idea
05:59what you've mentioned.
06:00So, are you suggesting,
06:01just so that I can understand
06:02correctly what you're saying,
06:03does it mean that in order
06:04to implement this report
06:05you need a single person
06:07with the gravitas
06:08and the authority
06:09to carry it out throughout
06:10and have the responsibility.
06:11And I'm sure you have thoughts
06:12of who you would like
06:13that person to be.
06:14I would let this
06:16to the European leadership
06:18to decide.
06:19I think the issue is
06:22agreeing that there has to be
06:24delegation of authority.
06:26And this delegation of authority
06:28has to be across the main areas
06:30of completing the single market.
06:32Right now, different...
06:35It's too complex.
06:36It's too complex.
06:37And it's just not moving fast enough.
06:39I know it is moving.
06:41I want to say to the Europeans
06:43who are working on it,
06:44bravo, keep doing it,
06:47not moving fast enough.
06:49One of the big stories this year
06:50is, well, the tariffs regime.
06:52And when it comes to Europe,
06:53they triple tariffs on the European units,
06:56a 15% rate.
06:57When you look at that,
06:58have you assessed the impact?
07:00And some say that could signal
07:01the start of the century
07:03of humiliation for Europe.
07:05Is that too much?
07:06Are we reading too much
07:07into that 15%?
07:08I think Europe is going
07:10to cut through that.
07:11So let's see what happened.
07:13There was an announcement of tariffs.
07:15Trade uncertainty shot through the roof.
07:19And there was panic
07:21that the world is going
07:22to slip into recession.
07:24By the way, the IMF did not subscribe
07:26to the recession option.
07:30In reality, one,
07:33the world has proven
07:34to be more resilient.
07:36And you look at Europe,
07:38what are the sources
07:39of this resilience?
07:40Strong institutions,
07:42good policies,
07:43responsible governance
07:45and private sector
07:47that adapts to changes
07:49faster than the public sector does.
07:51But also, when the tariffs hit,
07:56what was announced in April,
08:0023% tariffs across the globe
08:04on average.
08:06And what we have today,
08:08it is around 70%.
08:10When you check how much
08:12is actually collected,
08:13with all the exceptions
08:14and this and that,
08:15between 9% and 10%.
08:17In other words,
08:18the hit is not as strong.
08:21Most importantly,
08:23and I love Europe for that,
08:25majority of countries
08:27decided not to retaliate.
08:30No tit for tat.
08:32I know that some of the European people
08:33are saying,
08:34oh, we should have gone...
08:35Europe was weak.
08:36It was weak.
08:37But what happens if you hit back
08:40and then everybody starts hitting?
08:42We get on this down spiral.
08:45In fact, today,
08:47because of that behavior saying,
08:50look, you,
08:51the United States,
08:52you decided to go this way.
08:54We don't subscribe.
08:55You present, say,
08:5814% of trade.
09:01The rest, 86%, 87%.
09:05We choose to trade
09:07by the rules we have established.
09:11And that is what saved the world economy.
09:13The fact that there is no slippage
09:17into everybody hitting everybody else.
09:21It's not over.
09:23In other words,
09:24that may change.
09:25And I would really urge countries,
09:28please don't go for a trade war.
09:32Don't do it.
09:33So you say Europe made the responsible choice
09:35by taking on this 15%,
09:36which may be less effectively
09:38and when it's implemented,
09:39and when it's implemented.
09:40But some believe the damage
09:41and the cost was political.
09:43And that's why the EU
09:44should have retaliated.
09:45It should have showed strength.
09:47It's the biggest trading block in the world.
09:49Europe can show strength
09:51by working actively
09:53with those who want to trade
09:57on the basis of rules.
09:59And I would encourage Europe
10:01to show leadership in that regard.
10:03Because when you look at the world today,
10:07multipolar,
10:09you see regions that are now building stronger
10:13intra-region trade like ASEAN
10:15or the Gulf countries.
10:17Europe has already started reaching out more actively
10:23to build agreements with different,
10:25let's call them new blocks.
10:28And that is where Europe should bring its soft power
10:33in action.
10:34Move the world away from a trade war.
10:38So you would like to see the Mercosur approved?
10:40Would you like to see a European WTO?
10:42That idea was floated?
10:43Totally.
10:44I want to see the Europeans saying,
10:46well, trade war, thank you.
10:49But no, thank you.
10:50We are going to work with the rest of the world.
10:53Now, I'm actually optimist
10:56about where we are going to land.
10:58Because if you look at the history of humanity,
11:00it's a history of trade.
11:02Trade is like water.
11:04You put an obstacle, it goes around it.
11:07But it can go around it with more efficiency
11:12or less efficiency.
11:14Europe has to make the new world the multipolar world
11:18of multiple interests to work more efficiently.
11:22And actually, there is an appetite around the world.
11:26I hear it from our members for Europe to take this leadership role.
11:30Can that happen?
11:31And of course, we're in Bulgaria today.
11:33Ukraine is very close.
11:35And you can really see it also in the side, guys.
11:38Can you do all of that while also there's a war going on in the continent?
11:40And I wonder, just from your experience, of course,
11:42you were, if I remember correctly, if I've done the maths correctly,
11:46you were just 35 when the Iron Curtain fell.
11:49At that time, it seemed this is a new world of possibilities,
11:51and now there's a war in continental Europe.
11:53Do you sometimes go, how did we end up here?
11:56I'll tell you, I never thought I would see a military power in Europe
12:01invading another country.
12:03But it happened.
12:04What we see in the world today is more unpredictability,
12:09the unthinkable taking place.
12:13And we have to recognize this is the world we live in
12:17and we will be living in.
12:18What does it mean?
12:19It means two things.
12:21Actually, it demands more cooperation, not less.
12:25When you have uncertainty, to see a path,
12:29you have to work more with others, with like-minded.
12:34And second, it means more agility and adaptability.
12:39For Europe, this means also looking at the decision-making process in Europe.
12:43Is it good?
12:45Is it adaptable enough for a fast-changing world?
12:49And going back to my experience after the end of the Cold War,
12:54there was a period of euphoria when we embraced freedom
13:00and it was fantastic, and then hard reality hit.
13:04It is difficult to transform an economy.
13:08Now we have a world that is being hit by multiple forces of transformation.
13:13Geopolitical, trade, technology, demography, climate.
13:20Just imagine how much more difficult it is to adapt and transform in this world.
13:27And actually I believe that new member states,
13:30they should raise their voice even more on the importance of agility and adaptability
13:38in a transforming world.
13:40Because they know, they know from experience what it is.
13:44And you mentioned all of the issues, which are many.
13:46Obviously now there's a war, there's a question of demographics,
13:49there's a question of climate, now there's a question of rearming.
13:51Obviously everyone has agreed to pay this 5% to NATO.
13:54But what I don't see, I see the many challenges, but I don't see the fiscal space,
13:58and I don't see political consensus around the budget.
14:01How do you go around this?
14:03How do you, what do you do when you don't have fiscal space?
14:06You create it. How do you create it?
14:09One, make Europe more competitive, make it more productive,
14:12raise the growth level to a point when we actually can create more space.
14:19Two, reform.
14:21I mean, how is it that reforms we all know have to take place,
14:27like pension reform, are so tough to do?
14:31I think we have to...
14:32The French has put it on hold. There's a lot of fatigue.
14:34We have to engage people and just be honest with people,
14:38saying, look, you, and more importantly, your children, your grandchildren,
14:44if you want them to live with a standard of living that is at par with your aspirations,
14:52Europe has to be more productive.
14:55Europeans who live longer have to work longer.
14:59When I was, you talk about the pre-Cold War, end of Cold War time,
15:05I was a professor in Bulgaria in these days.
15:08I was confident that I will retire as a professor at 55.
15:15Look at me now. I'm not going to disclose.
15:18Well, it's easy to find, but I sure am not 55, and I'm still working.
15:23And I'm happy to be productive.
15:26So we have to get these taboos in Europe around topics that are actually impediments
15:32to building the fiscal space you're talking about.
15:35And you mentioned the taboos in Europe.
15:37One of them obviously has to do with debt.
15:39There's a big debate. There's good debt. There's bad debt.
15:41I worry or I wonder if you worry about the trajectory that we see of debt to GDP in Europe,
15:45or do you go join debt in some areas can actually be good?
15:50So two things. One, the trajectory in different countries is different.
15:55We are here in Bulgaria, debt to GDP is 24%.
15:59But even here, we are concerned that there may be a bit too much appetite to borrow.
16:05So countries where debt is very high, they really have to have medium-term strategy to bring it down.
16:11Because otherwise, it is suffocating the ability to invest in education, in artificial intelligence, in productive directions.
16:20Two, I very strongly believe that Europe should use its capacity to borrow together and deploy the resources together.
16:29You're in favor of joint debt for critical areas.
16:32If you want to invest in the most effective manner, you have to pull resources and deploy resources in that manner.
16:42I know this is such a hard topic.
16:45You say Mario Draghi says it. Many have said it. Why is it not moving?
16:50You're a commissioner. You know the machine. What's the issue?
16:53Well, the issue is that, of course, we have 27 countries, different priorities, different decision-making processes.
17:03And it is a richness to have that diversity, but our decision-making processes are not quite fit for the speed of change of today's world.
17:18And what does your political instinct say? Is this going to happen ultimately?
17:22It happened in the pandemic.
17:23I believe that we will wrestle and then we will come on the right side of history, as we have done many times.
17:31I'm a big believer in Europe. I think the European project is an excitement.
17:38And I think we have to bring that excitement back.
17:42And then be honest with European people.
17:46You want to live well? Guess what?
17:49We have to work together.
17:51We have to deploy our resources more effectively together.
17:55And we have to be more productive.
17:57There is just no way around it.
17:59We cannot continue to spend money we don't have.
18:03And I have a final question.
18:05Of course, I have to ask this question because today we are recording this in Bulgaria.
18:10Obviously, you felt very strong.
18:12And this is something that you dedicated a lot of amount of personal energy, but also time to getting this country into the euro.
18:19It's happened now this year.
18:20But I have to be honest.
18:22I've detected a form of anxiety, even from the airport to the studio, about the euro, about prices, about inflation, about what is this going to do to our country?
18:31Is it really going to make it better?
18:33What do you say to this?
18:34Because you can really feel this sense of anxiety about the changes in the pricing.
18:38What I can say to my beloved fellow Bulgarians is we have been in the eurozone now for many years because Bulgaria has a currency board.
18:52We have submitted our sovereignty on monetary policy first to the Bundesbank and then to the European Central Bank.
19:03We were in but with no right to vote.
19:06Now we are in and we have the right to vote and to benefit from the cushion that the eurozone provides to us.
19:16But the euro is a prerequisite for a more dynamic economy, not a guarantee for increased standard of living.
19:28We have to continue on the path to reforms, to be strong economically on the basis of good fiscal policy, good debt management policy, and above all, focus on productivity of our people.
19:48Well, Madame Georgieva, thank you very much and thank you for joining us on the Europe Conversation here on Euronews.
19:53Always good to see you.
19:54Thank you.
19:55Thank you.
19:56Thank you.
Recommended
2:39
8:00
Be the first to comment