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European Central Bank President Christine Lagarde delivered remarks to fiscal budget chiefs from around the world in Thailand, underscoring the importance of sound public finances. Speaking before the International Monetary and Financial Committee (IMFC), which comprises global finance ministers and central bank officials, Lagarde said fiscal sustainability is a "key pillar" of macroeconomic stability.
According to the text of her speech released by the European Central Bank, Lagarde stated: "Maintaining sound fiscal policy is crucial, including adherence to fiscal rules; countries with high debt levels should advance fiscal consolidation, reprioritize spending, improve the efficiency and effectiveness of public finances, and rebuild buffers. Governments need to ensure that fiscal measures responding to the energy shock are temporary, targeted, and tailored to local circumstances."
The remarks were made at the IMF annual meeting held in the Thai capital, during a week of intensive discussions focused on multiple risks facing the global economy, including rising debt, the transformation brought by artificial intelligence, and an increasingly complex geopolitical landscape.
Lagarde said: "Rebuilding an international economic order based on openness, predictability, and the rule of law will help trade and investment flourish." Turning to the eurozone economy, she reiterated the ECB's latest assessment: the economic outlook faces downside risks, while inflation risks are tilted to the upside.
"The scale of the energy shock is enormous and cannot be overlooked, but a measured response remains appropriate for keeping inflation under control." The European Central Bank has already raised interest rates twice, in June and September, and markets widely expect another hike by the end of the year.
Lagarde also mentioned that more than 30 central banks have expressed interest in the Eurosystem's upgraded repurchase facility, which is designed to ensure smooth transmission of monetary policy and strengthen the euro's international standing.
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