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Europe needs its own version of the US Securities and Exchange Commission and a unified stock exchange to raise enough money to meet the challenges confronting the region, the European Central Bank president has said.
Christine Lagarde said in a speech in Frankfurt on Friday that “creating a European SEC” to replace the patchwork of national watchdogs would help to raise the massive sums needed to tackle the triple challenges of “deglobalisation, demographics and decarbonisation”.
Speaking at the European Banking Congress, Lagarde called for consolidation among Europe’s national financial exchanges, saying “a truly European capital market needs consolidated market infrastructures — and this is where the private sector can show its determination, too”.
