Lagarde calls for policy action to support long term sustainable growth

Frankfurt, Nov 21 : European Central Bank (ECB) president Christine Lagarde has said that the pandemic provides an opportunity to harness new technologies and urged policymakers and the industry to support innovation and invest in education, areas that benefit sustainable growth in the long run.
Lagarde made the remarks at the 30th Frankfurt European Banking Congress, which took up the theme “towards a new sustainable growth model”.
The ECB president said Europe would face many challenges in the coming years arising from both the pandemic and long-run trends, including increasing debt levels, demographic aging, digitalization and climate change, Xinhua reported.
The pandemic has accelerated a wider and more common use of digital technology, Lagarde said.
To achieve sustainable growth in the long run, it will be vital for Europe to harness the opportunities offered by new technologies, she noted.
To further unleash Europe’s potential in innovation, Lagarde said, governments need to remove barriers for innovative firms and allow them to take full advantage of the Single Market and achieve economies of scale.