- 7 minuti fa
Lagarde alla BCE su piano di debito comune spagnolo: discutiamone
La presidente della Bce afferma ad Euronews, in un’esclusiva, che è «abbastanza evidente che serva un asset europeo» che i mercati considerino sicuro, liquido e in grado di competere con gli Stati Uniti
ALTRE INFORMAZIONI : http://it.euronews.com/2026/07/09/lagarde-alla-bce-su-piano-di-debito-comune-spagnolo-discutiamone
Abbonati, euronews è disponibile in 12 lingue.
La presidente della Bce afferma ad Euronews, in un’esclusiva, che è «abbastanza evidente che serva un asset europeo» che i mercati considerino sicuro, liquido e in grado di competere con gli Stati Uniti
ALTRE INFORMAZIONI : http://it.euronews.com/2026/07/09/lagarde-alla-bce-su-piano-di-debito-comune-spagnolo-discutiamone
Abbonati, euronews è disponibile in 12 lingue.
Categoria
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NovitàTrascrizione
00:08Presidente Lagarde,
00:08thank you so much for joining us on Euronews
00:11at this very pivotal time for Europe.
00:13This is a transformational moment
00:15in so many ways. When you look at the economy,
00:17the geopolitics, a war that is still going on
00:19in this continent, and then of course
00:21many other forces like the AI, which could
00:23have severe implications in the way
00:25that we live, that we work. Ultimately,
00:27when you put all these factors together,
00:28where is this continent going?
00:30It's navigating all those changes,
00:32and it's doing it with, I think,
00:37an agenda of significant reforms
00:39that have to be implemented,
00:41with a roadmap which has been designed
00:43a couple of years ago now by
00:45my predecessor Mario Draghi and Enrico Leta,
00:48and where we just have to implement collectively
00:51what will make Europe more competitive
00:53and more fit for the 21st century,
00:56which is, as you said, fragmented,
00:58different geopolitically, and obviously
01:00to be transformed significantly by
01:03artificial intelligence on steroids.
01:05What do you mean by on steroids?
01:07I think that artificial intelligence
01:10is going through accelerated phases of development.
01:13So people will talk to you about Gen AI,
01:16they will now talk about ASI, superintelligence,
01:20and I think that we all have to adapt to it,
01:23but we also have to be mindful of the goods and the bads.
01:27By good, I mean improved productivity.
01:29By bad, what will be the consequences
01:31on us as a society,
01:33on the labor market in general,
01:35what impact will it have,
01:36and we have to prepare for that.
01:37On the AI, it very much reflects the conversation
01:39about the geopolitics.
01:40Many would say this is now a two-track competition
01:42as the United States and China.
01:43The EU will not be able to compete at that level.
01:47Is that a fair assessment?
01:48And I wonder, certainly in this town of Brussels,
01:50there's a lot of hype around Mistral.
01:53This is almost seen as a strategic asset.
01:55Is it wise to bet everything on a single company,
01:57or do we need an ecosystem around AI?
01:59There are two very big champions
02:01in terms of AI development and hyperscalers,
02:04the United States and China.
02:06There are countries in the European Union
02:09which are regarded as third and in the race.
02:14I think the question is how you define the race
02:16and how you make sure that you are not held hostage
02:19to certain developments that are critical
02:21and that you have some leverage
02:25on elements of the supply chain.
02:28Mistral is obviously a champion in its own way.
02:32And I think that if the Europeans decide
02:34that it's in their collective interest
02:36to focus on Mistral, for instance,
02:39but maybe a couple of others
02:40because you don't want to have just plan A
02:42and nothing else,
02:43but that you focus on having sovereignty
02:46over developments so that you can make sure
02:48that your clouds, for instance,
02:50is possibly of a European standing nature and sitting,
02:55that some of your artificial intelligence devices,
02:58some of the tools, for instance,
03:00are critically made in Europe, invented in Europe.
03:03You bind all these components
03:06and you then have a good dialogue
03:08with those who are ahead of you in other areas.
03:12But I think it's a question of really linking, binding
03:15and making sure that we protect some of our interests
03:18and leverage those in order to better negotiate.
03:21And my impression is that you don't like to lose
03:23and you want Europe to win.
03:24So what is the recipe
03:25when you talk to finance ministers in Brussels?
03:28And I wonder, you mentioned Mario Draghi,
03:30I wonder if you speak frequently,
03:31if there's a regular communication with him,
03:33what is the recipe that you put on the table?
03:35I think we share the same objective,
03:38that Europe wins, that Europe is competitive,
03:41that Europe leverage its incredible potential,
03:44the market, the talent, the capital, the savings.
03:47and I think that if I had two words
03:50for the finance ministers whom I love
03:53and I was one of them,
03:55it's action more than words
03:58and it's accelerate more than procrastinate.
04:02Do you have to do that at 27
04:03or can you do it at 6?
04:04As a head of the European Central Bank,
04:06I presume you would like to maintain unity at all levels.
04:09That is what guides Europe.
04:10But should that change now?
04:12We all need to move together.
04:13That's the strength.
04:15We are stronger all together.
04:17Now, if it takes a smaller number of them
04:19to actually move forward
04:21and bring the others with them a little later
04:24because they will have experimented,
04:26so be it.
04:27It's a principle that can be adopted
04:30that is anticipated by the treaty as well.
04:33So why not?
04:34So move ahead.
04:35And to that extent,
04:35the Spanish, just this week,
04:37they presented a plan
04:38before the Eurogroup of Joint Borrowindy.
04:40The idea of joint debt
04:42is very political in essence in Europe,
04:44but just on the economic merit of it.
04:46They say it will create a more liquid market,
04:49it will save money,
04:50and it will be more efficient.
04:51Just on economic terms,
04:53is that something that is ahead
04:54of the European Central Bank?
04:55You say, let's look at it.
04:57You know, it's more than just economic terms.
04:59It's also financial terms
05:00because to have a strong, vibrant,
05:02and deep capital market,
05:04which is something that we all want,
05:06at least everybody says so,
05:08we need to also have...
05:10You think some don't?
05:10We need to...
05:11Well, I think everybody sings
05:13from the same Heim song,
05:15but when it comes to implementing it,
05:17it's difficult,
05:17and the devil is in the details.
05:19But it's pretty obvious
05:20that we also need to have
05:22a European asset
05:23which can, you know,
05:25parallel with the US Treasury bonds,
05:28for instance.
05:29How we go about it,
05:30how the moral hazard is addressed,
05:32how it's allocated
05:33in terms of results to be decided.
05:35and I think it's great
05:37that a country like Spain,
05:38for instance,
05:39makes a proposal,
05:40puts it on the table for debate.
05:42And it's now for the others to say,
05:43okay, we like this part,
05:45we don't like this,
05:46we can address it.
05:47So it's good to actually move forward.
05:49So when you hear these numbers,
05:50800 billion euros,
05:52Mario Draghi echoed that,
05:53the Spanish seem to be putting that on the table.
05:55The French president has said,
05:56in his view,
05:56there are no taboos.
05:57That doesn't scare you.
05:58When you hear 800 billion euros,
06:00this kind of money...
06:01Look, remember what we did for COVID.
06:04That was the amount
06:05that was actually put on the table
06:07for joint borrowing
06:08in order to respond
06:09and to produce the recovery
06:10and, what was it,
06:13RRF,
06:13the...
06:14Recovery and Resilience.
06:15Yeah, Recovery and Resilience Fund.
06:17That was roughly the amount.
06:19And the commission went to market.
06:21We helped in the process
06:23because we act as an agent
06:24in that respect.
06:25And it was widely,
06:27you know, broadly subscribed,
06:28oversubscribed.
06:29So I'm not saying
06:30that this is the amount.
06:32I'm just saying that
06:32to go with the capital market,
06:36you need depth,
06:37you need liquidity,
06:38and you need to entice
06:41the savings of Europe
06:42onto that market.
06:43But we need an instrument as well.
06:46And that could be one
06:48or an elaboration
06:50or an iteration of that.
06:51And what's it going to take
06:53to convince countries
06:54that would say absolutely not
06:56because by the same token,
06:57we said the Recovery Fund
06:58legally was a one-off?
07:00Yeah, that was said
07:02in certain circumstances.
07:04I think the circumstances
07:05have changed
07:06and it should lead
07:07the leaders
07:08of the various member states
07:10to consider
07:11and to address
07:12what are their concerns.
07:14So I think an ex ante
07:15no over my dead body
07:17is not the best way
07:19to deal with it.
07:20I think the best way
07:20to deal with it
07:21is to try to analyze
07:22what is too much of a risk
07:25and how that risk
07:26can be addressed.
07:27And the world has changed
07:29because of Vladimir Putin,
07:30because of President Trump
07:32and we've heard the criticism.
07:33The Europeans are weak,
07:34they're decaying,
07:35civilizational erasure.
07:36They say we are facing
07:37that prospect of Europe
07:38becoming a museum
07:39or is it also the Chinese?
07:41Is this a combination
07:42that has changed Europe
07:43now in the medium term?
07:45We've got to wake up.
07:46You know, first of all,
07:46there is nothing wrong
07:47with European culture.
07:49And whether it is tourism,
07:51whether it is museum,
07:52whether it is attracting people
07:53to a place
07:54which has a vibrant culture
07:56is wonderful.
07:56that says museum
07:57and the Europe pours.
07:59Well, I will tell you something.
08:00Is that the algorithm I want to?
08:01I'll tell you something.
08:02If you visit a few
08:05industrial, entrepreneurial centers,
08:07including in the field
08:09of artificial intelligence,
08:10including in the field
08:11of high techs,
08:12you would be surprised
08:13that this is not a museum.
08:15This is a very, very active
08:18and rich with talent economy.
08:21But the key thing
08:23is to make sure
08:23that money goes
08:24in the right direction.
08:25Money should not necessarily
08:27leave Europe.
08:28It should stay in Europe
08:29to finance initiatives.
08:31And ultimately,
08:32what is the biggest driving force?
08:33Is it President Trump?
08:34It seems to me
08:35when I look at NATO
08:36and the G7,
08:37the Europeans have now decided
08:38we are not going to publicize
08:40a divorce,
08:40but we understand
08:41the relationship is changing
08:42and we've got to do our own thing.
08:44And when it comes to China,
08:45is that also pushing these changes?
08:47No, there's a lot of criticism
08:48around concerning fragmentation
08:50and the change
08:51in the geopolitics.
08:52but if anything,
08:53it has certainly led the Europeans
08:55to look at their own forces,
08:56to look at their own weaknesses
08:58and try to address them.
08:59So I think that rather than
09:01criticizing the rest of the world
09:03or putting the blame
09:04on one or the other leaders,
09:06I think we have to really focus on us,
09:08see what strength we have
09:09and we have a lot of those,
09:11leverage them
09:12and try to address the weaknesses.
09:14I think there are some
09:15low-hanging fruit.
09:17The capital market is one
09:18that is not such an easy one,
09:20but there are components
09:21that are low-hanging fruits
09:22and I'm delighted to see
09:23that both the Commission
09:24and the Irish presidency
09:26want to move further
09:27and faster on this front.
09:29And we've seen that this week
09:30with the digital euro.
09:31I have to ask,
09:34it may seem a trivial question,
09:35but what is the digital euro?
09:37Because on this stance
09:38in Brussels,
09:39I've heard MEPs who say
09:40this is a way to kill cash
09:42and the head of the European Central Bank
09:44wants to control our every move.
09:46Oh my gosh.
09:47What's the digital euro?
09:48Absolutely not.
09:49Let me first, you know,
09:50You're not big brother.
09:51Celebrate the fact
09:52that the Parliament
09:53has endorsed massively
09:54the mandate
09:55for this Trilog discussion
09:57that will take place
09:58and hopefully will be concluded
10:00by December.
10:01But let me go back to that.
10:03This piece of legislation
10:05will actually produce two results.
10:07The first one
10:08is that it will make
10:12cash and the digital euro
10:14both legal tender,
10:15which means that
10:16nowhere in Europe
10:17can anybody say to anyone,
10:19sorry,
10:20I'm not taking your banknotes,
10:22I'm not taking your European coins
10:24because now it has legal tender.
10:26It has to be honoured.
10:28So cash is actually elevated
10:29to this legal tender level
10:31where nobody anywhere in Europe
10:33can say,
10:34I'm not taking your money
10:35because it is banknotes.
10:37No.
10:37So banknotes are secured
10:38and protected.
10:39And by the way,
10:40before the end of this year,
10:42in December 26,
10:44we will have a set
10:45of proposals
10:46that will be
10:47the new design
10:48and the new face
10:48of our banknotes
10:50so that there is
10:50a close link
10:51between you,
10:52me and the banknotes.
10:54So that's on the banknotes.
10:55So no,
10:56cash will not go away.
10:57Cash will be rejuvenated.
10:59Digital euro,
11:00we need to move
11:02into a digital world.
11:03You book your trips
11:05using digital.
11:06You buy your transportation tickets
11:08using digital.
11:09digital.
11:10You buy
11:11by digital means,
11:12whether you do
11:13your grocery shopping
11:14or whether you buy
11:15your clothes.
11:16We need to have also
11:17central bank money.
11:19For the moment,
11:20it's only banknotes,
11:21but we need to have it
11:22in digital form.
11:23And if it is cheaper,
11:24if it is faster,
11:25and if you can use it
11:26throughout Europe,
11:28even the better.
11:29And the overall question,
11:30however,
11:30is how is that going
11:31to serve the euro's
11:32competitiveness?
11:33Because there is
11:33a real competition now
11:35for who will be
11:36and who will run
11:37currencies in the future.
11:39Is it still a dollar story?
11:40Dollar is king.
11:41You also see the Chinese
11:42heavily pushing
11:43for their own currency.
11:44The best thing I know
11:45is a European solution.
11:47At the moment,
11:48we do not have that.
11:50So if you pay,
11:51in most instances,
11:5260% of the cases,
11:53you use payment infrastructure
11:56that is under
11:58foreign capital.
11:59So we depend on
12:00predominantly US,
12:02but also sometimes
12:03China networks
12:05to organize payments.
12:06We need to have
12:07a European solution
12:08because we want
12:09to be sovereign at home.
12:11So that's what
12:12the digital euro will do
12:13because you will have
12:14digital euro for retail
12:15when you go to the shop,
12:16when you buy with a friend,
12:18when you want to share a bill.
12:19But we will also have
12:21what we call
12:21wholesale digital euro,
12:24which will enable the banks
12:25to organize their transaction
12:27in digital form as well.
12:29And some expected
12:29because of the major changes
12:31coming out of the US
12:32that we would see
12:32sort of move away
12:34from the dollar
12:34and that the euro
12:35could benefit from.
12:36And the numbers
12:37a year later,
12:38they show minimal pickup.
12:39It should have been,
12:40some would argue,
12:41a much stronger effect
12:42to cash in those inflows.
12:44Is this a root of concern
12:47that even with this uncertainty,
12:48the euro was not able
12:49to capitalize on it?
12:51Or would you say,
12:52look, this is a 20-year story.
12:53I can promise you in 20 years
12:54that share will be much higher.
12:56I would never promise anything
12:57because there is so much uncertainty
12:59and those movements take time.
13:02What we have seen in history,
13:04when the sterling pound,
13:06you know,
13:06was gradually replaced
13:08by the US dollar,
13:09it took that long,
13:11if not a bit more.
13:12So what I'm saying today
13:13is that the euro
13:15is a solid currency.
13:1625 years ago,
13:18soon 30 years ago,
13:19people were saying,
13:20ah, it's dead on arrival.
13:22It's not dead on arrival.
13:23Many keep betting against it.
13:24It's solid and strong.
13:25Absolutely.
13:25Absolutely.
13:26So it is solid and strong.
13:27The European Central Bank
13:29is well established,
13:30credible and highly respected.
13:32The monetary union
13:34is a force,
13:35but it is not enough.
13:36We have to go beyond that.
13:38We have to be credible
13:39from a security point of view.
13:40We have to be solid
13:41from an economic point of view
13:43with lots of trade agreements.
13:45This is in process.
13:47And we have to make sure
13:48that our institutions are solid
13:50and that the rule of law
13:51is respected.
13:52But I would contend
13:53that the euro has remained stable
13:55and slightly increasing
13:57in terms of support
13:59and attractiveness.
14:00I hear a lot of noises
14:01along those lines.
14:03And to that extent,
14:04I do have to ask you
14:05going back to the question
14:06of China.
14:07There is a message
14:08that is legitimate
14:09and that is,
14:10Europeans are saying
14:11what a fair deal.
14:12The numbers coming out of China
14:13when you look at
14:13that trade deficit,
14:15it's a deficit after a deficit.
14:16They sell a lot more
14:17than we do to them.
14:18When you look at
14:19the trade surplus last year
14:20from the Chinese,
14:21it's another record.
14:22There is no indication
14:23that they are rebalancing
14:24in any way
14:25that is fair to Europeans.
14:26There is a deadline
14:27now in October.
14:28What happens
14:28if the Chinese
14:29do not respond
14:30to that deadline?
14:31The easy cop-out answer
14:32would be
14:33it's not my business,
14:34it's the business
14:34of the trade commissioner.
14:35But I know you care about Europe.
14:37I care very much about Europe
14:39and I care very much
14:40about keeping an international
14:41trade system in place
14:42that is sensible
14:43and that is propitious
14:45to the exchanges
14:46between nations
14:48and between enterprises as well.
14:51So I think we need to have
14:52areas that we know
14:54are critically important
14:55and that we will not let
14:57sort of fade away
14:59to any competition,
15:01including China, of course.
15:02So you subscribe to the message
15:04that a fair deal
15:05needs to happen.
15:06It's not a fair deal
15:07what we have at this point.
15:08It's a deal
15:09that is predominantly organized
15:11under WTO.
15:12You still have about 75%
15:14of trade conducted
15:15under WTO rules.
15:17But as far as China
15:18is concerned,
15:19there has to be
15:20a discussion of adults
15:22in the room
15:23who are, you know,
15:24respecting each other's position
15:26and who are going to make sure
15:28that it's a good deal
15:29on both sides.
15:29The Chinese are very good
15:31at talking about it.
15:32We actually need
15:33to walk the talk
15:34and see on a sectorial basis
15:37what it means,
15:38you know,
15:38see on a pricing basis
15:40what it means,
15:41see on a grants
15:42and subsidies basis
15:44what it means
15:44and see on a financing basis
15:46what it means.
15:47And will you be monitoring
15:48that October deadline?
15:49Because some say
15:49the Europeans have put themselves
15:51in a difficult situation.
15:52If they do not respond,
15:53they're going to look weak.
15:54If they respond,
15:55there's a chance of
15:55at the bare minimum
15:57real trade tensions,
15:58potentially a trade war.
15:59You know,
15:59whenever there is a crisis,
16:00a deadline
16:01or something really hard,
16:03the Europeans are up to it.
16:04So I have full trust
16:05that this will happen.
16:06In October?
16:08You know,
16:09who am I to say that?
16:10I'm not in charge
16:10of trade negotiations.
16:12But you will be monitoring...
16:13They will appreciate
16:14the urgency of the matter
16:15and the need
16:16to find a dialogue
16:18that is productive
16:19on both sides.
16:20And, President,
16:21for Europeans,
16:22you've had to increase
16:23interest rates.
16:23You talked about
16:24some of the uncertainty
16:25facing the European economy.
16:27Just for the average European,
16:28they see that
16:29they're now operating
16:30in an environment
16:30where interest rates
16:31are much higher
16:32than they were used to
16:34just a few years ago.
16:35Is this the new normal?
16:36No, but look,
16:37I think what was not the norm
16:39was a time when interest rates
16:41were in negative territory.
16:43It just, you know...
16:45It was an anomaly.
16:46It's a total anomaly
16:47that if I lend you money
16:48that you will only give me
16:50back in five years,
16:51in addition to lending you money,
16:53I have to give you
16:54a bonus on it.
16:55You don't pay...
16:56This doesn't make any sense.
16:57I mean, everybody understands
16:59that if I lend you money,
17:00you only pay me back
17:01in five years,
17:02you have to give me
17:03a little top-up,
17:04which is, you know,
17:05the term premium
17:06and the risk premium
17:07eventually.
17:08So, interest rates
17:09go with the payment
17:11of money over time.
17:13And if you give money,
17:14if you lend money over time,
17:15obviously,
17:16there is an interest.
17:17So, I think we are more
17:19in normal time
17:21when you have an interest rate.
17:23Now, interest rates
17:24are determined
17:25with the objective
17:26that the central bank has,
17:28which is to provide
17:29price stability.
17:31If you don't have
17:31price stability,
17:32if you think that prices
17:33are going to go up or down,
17:34you just completely confuse
17:37as to what you should do,
17:38whether you should buy,
17:39whether you should sell,
17:40whether you should employ,
17:40whether you should find,
17:41whether you should invest.
17:43So, what our mission is,
17:44is price stability.
17:46And for that,
17:46the big tool,
17:48especially when you have
17:48inflation rising its nose,
17:51is interest rates.
17:52So, we slightly increased
17:54interest rates,
17:54which are now at 2.25%,
17:57when we have the latest
17:58reading of inflation
17:59at 2.8%.
18:01Not to say that we align
18:03with inflation,
18:04because our goal
18:05is medium term.
18:07We need to see inflation
18:08returning to 2%
18:09in about three years' time.
18:11And that's what we have
18:12with the projections
18:13that we produce.
18:15And on that level
18:15of interest rates,
18:16which is so key
18:17for European consumers,
18:18your message is to say
18:20this is the level
18:21that we believe
18:22will be the base
18:24for the months
18:25to come, ultimately.
18:26You have to be okay
18:27with this.
18:28Understand that
18:29this is the level now.
18:31Potentially,
18:31even go a leg higher,
18:32depending on how things go.
18:33We do an assessment
18:34at each and every meeting.
18:36We meet roughly
18:36every six weeks
18:37and we look at
18:38all the fundamentals.
18:39We look at the projections
18:41that we have.
18:42We look at the estimated
18:44inflation in three years,
18:45in two years,
18:46in one year's time.
18:47We look at the underlying inflation.
18:49What is it without oil and gas?
18:51What is it without food?
18:53What is it if you take out
18:54the most volatile things?
18:55What is it if you take out
18:56tobacco and all?
18:57We have multiple measurements.
18:59Then we also look at
19:00how this is propagated
19:02throughout the economy
19:03and what it produces
19:05ultimately in the medium term.
19:07And it's on the basis
19:08of all that that we say
19:09we are fine
19:09or we should go down a bit
19:11or we should go up a bit.
19:12And, Madame Lagarde,
19:13I have to ask you, of course,
19:14about France.
19:15Just a final question.
19:17France is, Juncker used to say
19:18it's not just any country.
19:20France is France.
19:21This is a founding member.
19:22And Jean-Claude is Jean-Claude.
19:23And he is, of course, he is.
19:25And he also used to say,
19:26look, this is a founding member
19:28of the European Union.
19:29It is systemically important
19:31when it comes to the euro area.
19:32But beyond that,
19:33it's a country that represents
19:34a form of ideals to the world.
19:36It's a republic for its citizens.
19:38At this point,
19:39and this week, we've had
19:41now what seems to be now
19:43an idea of who will be able
19:45to run or not,
19:46in which conditions crystallize.
19:49Le Pen will be a candidate.
19:50And if I look at polls now,
19:52there is a real scenario
19:53in which the final ticket,
19:54the two final candidates,
19:56will represent extremes.
19:58certainly in the European Parliament.
19:59Jean-Luc Mélenchon is really
20:00on the left in the European Parliament.
20:02She is on the Patriots for Europe,
20:03a creature created by Victor Orban
20:05to change Europe.
20:06When you look at that final ticket,
20:08and it is a possibility,
20:10do you say,
20:11yes, it is an existential threat
20:13to France,
20:14and therefore,
20:15it is an existential threat
20:16to the stability
20:17of the European economy?
20:19You know, I try to look at
20:20all member states
20:22without diving deep
20:25into the politics of anyone.
20:26Of course, as a French,
20:27I have my own views.
20:29I keep them to myself.
20:30But what I very much hope
20:32is that the democratic process
20:33will continue.
20:34You know, in politics,
20:36the next, you know,
20:37eight months is eternity.
20:38So, so many things can happen.
20:40We will be monitoring.
20:40We will be looking at the risk level.
20:43We will be looking at all that carefully.
20:45And we hope that reason
20:47will always prevail
20:48and that France will appreciate,
20:50whoever is the leader for France,
20:52that it is one key member of Europe
20:54and that Europe is the only playground
20:56within which member states,
20:59nations, even France,
21:01can actually play a significant role.
21:03On the European voice,
21:04some would say
21:05that is the anomaly at this stage.
21:07There are many, many in Europe
21:08who feel proud of being Europeans.
21:10and no politician at this point
21:12seems to be able to tap really
21:14into that appetite
21:15for a political offer
21:16that really puts that up front.
21:19Are you, do you find that bizarre
21:21that in France,
21:22no one is occupying that space?
21:23And some would argue
21:24maybe you should occupy it.
21:26Well, I will certainly explain
21:27to the extent I can,
21:30you know,
21:31why the European dimension
21:32is so critical.
21:33In a campaign or in your role
21:34as the head of the issue?
21:34I will explain that
21:35in whichever capacity
21:37I will be most efficient.
21:38It's all open for you.
21:39at this point.
21:40I'm not a candidate for anything,
21:42but I'm very keen
21:43that Europe is protected,
21:45that Europe is the framework
21:47within which member states operate,
21:48including France.
21:50Well, President Lagarde,
21:51thank you so much
21:51for joining us on EUR News.
21:53Thank you very much.
21:57and thank you so much for joining us on EUR News.
21:58Thank you so much for joining us on EUR News.
21:58Thank you so much for joining us on EUR News.
21:58Thank you so much for joining us on EUR News.
21:59Thank you so much for joining us on EUR News.
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