ECB’s Lagarde says Europe needs single market watchdog in push for capital union

European Central Bank President Christine Lagarde addresses the European Parliament’s Committee on Economic and Monetary Affairs, at the European Parliament, in Brussels, Belgium March 20, 2023. REUTERS/Johanna Geron Acquire Licensing Rights
FRANKFURT, Nov 17 (Reuters) – Europe needs a capital markets union, including a single supervisor and trading infrastructure, to finance its digitalisation and green transition, European Central Bank (ECB) President Christine Lagarde said on Friday.
Lagarde said neither heavily indebted governments nor banks can come up with the money needed to make the Europe Union more productive and independent in an increasingly fragmented world.
The European Commision says the EU needs 620 billion euros ($672 billion) every year until 2030 for the green transition and a further 125 billion euros annually for digitalisation.