ECB's Lagarde Advocates for European SEC and Capital Market Union

Lagarde warns of the financial challenges of deglobalization, depopulation, and decarbonization, stressing the need for a new financial framework and a capital markets union.

ECB President Christine Lagarde calls for a European Securities and Exchange Commission and the creation of a single capital market to help raise the trillions of dollars needed to meet the challenges of deglobalization, depopulation and decarbonization.
Lagarde suggests replacing the EU's national-level supervisor bodies with a single Europe-wide financial regulator to solve the problem of EU rules being applied unevenly.
The green transition alone will require additional investment of $672 billion every year, on average, until 2030, and a further $136 billion per year will be needed for the digital transition.
European start-ups attract less than half the funding of American ones while investment in scale-ups is four-fold that of Europe.
Lagarde warns that the EU can't rely on the existing framework to finance this investment and that a capital markets union (CMU) is indispensable.