EU needs ambitious financial deal more than fast one, Lagarde says

FRANKFURT (Reuters) - It is better for European Union leaders to agree an ambitious financial aid package for the bloc rather than to have a quick deal at any cost, European Central Bank President Christine Lagarde said on Sunday. 'Ideally, the leaders' agreement should be ambitious in terms of size and composition of the package, broadly along the lines of what has been proposed by the Commission,' Lagarde told Reuters

Reuters July 20, 2020 00:05:31 IST
EU needs ambitious financial deal more than fast one, Lagarde says

EU needs ambitious financial deal more than fast one Lagarde says

FRANKFURT (Reuters) - It is better for European Union leaders to agree an ambitious financial aid package for the bloc rather than to have a quick deal at any cost, European Central Bank President Christine Lagarde said on Sunday.

"Ideally, the leaders' agreement should be ambitious in terms of size and composition of the package, broadly along the lines of what has been proposed by the Commission," Lagarde told Reuters.

"From my perspective, it’s better to agree on an ambitious facility along these lines, even if it takes a bit more time. I would hope that the leaders agree on something that’s ambitious rather than fast."

A financial aid package designed to lift Europe out of its deepest recession since World War Two hung in the balance at a summit on Sunday as leaders bickered over details for the third straight day, raising the risk that the package could be delayed or drastically watered down.

(Reporting by Balazs Koranyi; Editing by Kevin Liffey)

This story has not been edited by Firstpost staff and is generated by auto-feed.

Updated Date:

TAGS:

also read

France, Germany to agree to NATO role against Islamic State - sources
| Reuters
World

France, Germany to agree to NATO role against Islamic State - sources | Reuters

By Robin Emmott and John Irish | BRUSSELS/PARIS BRUSSELS/PARIS France and Germany will agree to a U.S. plan for NATO to take a bigger role in the fight against Islamic militants at a meeting with President Donald Trump on Thursday, but insist the move is purely symbolic, four senior European diplomats said.The decision to allow the North Atlantic Treaty Organization to join the coalition against Islamic State in Syria and Iraq follows weeks of pressure on the two allies, who are wary of NATO confronting Russia in Syria and of alienating Arab countries who see NATO as pushing a pro-Western agenda."NATO as an institution will join the coalition," said one senior diplomat involved in the discussions. "The question is whether this just a symbolic gesture to the United States

China's Xi says navy should become world class
| Reuters
World

China's Xi says navy should become world class | Reuters

BEIJING Chinese President Xi Jinping on Wednesday called for greater efforts to make the country's navy a world class one, strong in operations on, below and above the surface, as it steps up its ability to project power far from its shores.China's navy has taken an increasingly prominent role in recent months, with a rising star admiral taking command, its first aircraft carrier sailing around self-ruled Taiwan and a new aircraft carrier launched last month.With President Donald Trump promising a US shipbuilding spree and unnerving Beijing with his unpredictable approach on hot button issues including Taiwan and the South and East China Seas, China is pushing to narrow the gap with the U.S. Navy.Inspecting navy headquarters, Xi said the navy should "aim for the top ranks in the world", the Defence Ministry said in a statement about his visit."Building a strong and modern navy is an important mark of a top ranking global military," the ministry paraphrased Xi as saying.