Europe will not be able to afford its generous welfare state provision and increased investment in defence and in tackling climate change unless the region fixes a persistent decline in growth, the European Central Bank’s president Christine Lagarde has warned.
Without bold economic policies, the EU “will not be able to generate the wealth we will need to meet our rising spending needs to ensure our security, combat climate change and protect the environment”, Lagarde warned in a speech in Paris on Monday.
She added that the bloc was at risk of facing “a future of lower tax revenues and higher debt ratios” which would result in “fewer resources for social spending”.
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