00:00The head of the IMF also told me that at this point, and this is critical and it is relevant
00:04as conversations around the next European common budget are about to begin,
00:09that Europeans should and they must invest together collectively in areas that are fundamental for the 27, meaning energy and
00:18defense.
00:19So once again, the IMF reiterating an endorsement of joint public borrowing when it comes to the European Union doing
00:27it together.
00:28Let's take a look at this conversation.
00:31Unfortunately, conditions have worsened since we put out our projections for European growth and inflation in April, growth down, inflation
00:41up.
00:42It is now even worse.
00:45So we are downgrading once again our growth projections for the Eurozone and uplifting once again our inflation projections.
00:57Very difficult balancing act for Europe to manage.
01:01And just a quick word on this point.
01:04You are the head of the IMF but you are also a commissioner and you are from Bulgaria and you
01:08like to repeat that you are a European above all.
01:11The European talks around the budget, they are about to begin, this is going to be a difficult fight.
01:16What would you advise to everyone sitting around the table, the capitals but also the commission?
01:20Concentrate on European competitiveness, make sure that European budget has the strength to lift up productivity and growth in Europe.
01:32And that means fund together where together you would be more impactful.
01:41Defense, energy security and of course do it with the recognition that in exchange the European commission has to demonstrate
01:52value for money.
01:55So go at it together, that's your message still with the joint debt.
01:58When you don't have much money, spend it wisely, put it together, invest wisely.
02:04Just in energy, if we invest jointly, it would be 7% cheaper for the European taxpayer.
02:136% more in China Crimson Feier.
02:137% man is equal.
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