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(Bloomberg) — European Central Bank President Christine Lagarde said greater trade in the region could help compensate for losses suffered as a result of global fragmentation.
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Speaking in a surprise visit to Kyiv, she recalled that the bulk of the euro zone’s exports go to other European countries, including the UK, Switzerland and Norway.
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“By deepening economic ties — more closely linking neighboring economies — we can reduce our exposure to external shocks,” Lagarde said in a speech. “Rising trade within our region can help offset losses in global markets.”
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Lagarde’s appearance in the Ukrainian capital — previously billed has happening only remotely — is in line with her previous support for the country as it fights against Russia’s invasion. The ECB has consistently labeled the war “unjustified” in its official communication and the president called the attack a “watershed” for Europe in the immediate aftermath.
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“Ukraine stands at a pivotal moment — facing the hardships of war, the challenge of reconstruction and the opportunity of deeper regional integration,” Lagarde said. “In a world marked by shifting geopolitical realities, such integration offers a clear path to recovery and lasting prosperity.”
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The fallout of the war has had major implications for the ECB as the spike in energy costs drove euro-zone inflation to more than 10% in 2022. Price gains have subsided since then, allowing policymakers to cut interest rates eight times since June last year.
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After the last move earlier this month, officials have signaled they’d prefer to pause for now — also to assess the impact of US tariffs that may well change after negotiations with the European Union.
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