Business Christine Lagarde (BCE): The crisis will "profoundly change" our...

Christine Lagarde (BCE): The crisis will “profoundly change” our economies

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The economic crisis engendered by the Covid-19 pandemic will “profoundly change” the world economy, towards more ecology, digitalisation and working methods, and Europe is in “excellent position”, estimated on Saturday ECB President Christine Lagarde.

This crisis “is going to be an acceleration of transformations which were already latent in our economies”, predicted the president of the European Central Bank, present in videoconference at the economic meetings of Aix-en-Seine in Paris.

“In manufacturing, in work, in trade, what we have just experienced will accelerate the transformations and will probably lead to an evolution towards a more sustainable and greener way of life,” she added.

She notably mentioned telework, which will “transform the working methods of all employees”, at least in developed countries, and “the acceleration of digitalization, in services or automation in industries”.

“It is currently estimated that the crisis should lead to a contraction in supply chains of around 35% and an increase in robotization in industries of around 70 to 75%,” said Lagarde.

In addition, due to the confinement which affected the majority of the inhabitants of the planet at the same time, online commerce has developed considerably.

This development should further accelerate in the future “to the detriment of more traditional trade”, she added.

Faced with these transformations, “Europe is in an excellent position to take this transition in motion,” she said. The continent “already hosts the largest sector of circular economy and ecological innovation in the world,” noted Ms. Lagarde, adding that the euro was the first currency used for the issuance of green bonds.

However, she considered that this would be “not sufficient” and that “an economic policy framework which allows the mobilization of the necessary” funding should be put in place.

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