International Monetary Fund Managing Director Kristalina Georgieva speaks to Euronews after meeting with German Chancellor Olaf Scholz as she begins her second term.
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00:00The International Monetary Fund is recommending that Europe sticks together in the face of
00:04fragmentation within the single EU market in order to avoid a financial crisis.
00:10As the world grapples with crises emerging one after another, such as Covid and the full-scale
00:15invasion in Ukraine, Managing Director Kristalina Georgieva says that Europe needs to start
00:20preparing for other shocks to make sure it's not left behind.
00:23It is important for Europe to stand tall on its achievements.
00:30One massively well-performed task to free itself from dependency on Russian oil and
00:39gas, it has been done remarkably well.
00:43Europe can be proud of it.
00:46Europe can be proud of the attention it pays to the big challenges of today and tomorrow
00:53– climate, demography, technology and, a critical one, fairness in society.
01:02Georgieva says that Europe needs to start by reducing bureaucracy and administrative
01:06inefficiency and to prioritise developing businesses that can compete competitively
01:11on a global level.
01:12Europe should be careful not to be complacent.
01:17The world is moving very rapidly.
01:20Attention to European competitiveness is so important.
01:24Right now, Europe is rightly focused on the immediate task in hand – bring inflation
01:32down.
01:34Big success so far, don't lose sight of data if you need to calibrate appropriately
01:42steps taken in the future.
01:44And very important for Europe, reignite growth.
01:48If growth remains as anemic as it is now, it will be hard for Europe to achieve the
01:58objectives that people here aspire for – a digital, green economy that benefits people
02:06and offers opportunities for businesses.