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Understanding the European Slowdown: Causes and Solutions - NYU Report

Explore the factors contributing to the European economic slowdown and discover potential solutions proposed by François Villeroy de Galhau, Governor of the Banque de France. From global trade declines to financial vulnerabilities, delve into the need for private risk-sharing, capital markets union, and innovation in the EU financial sector to boost growth. Learn about leveraging equity markets, cross-border bank consolidation, and enhancing green finance for sustainable investment.

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Understanding the European Slowdown: Causes and Solutions - NYU Report

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  1. Causes of and answers to the European slowdown New York University – 16 October 2019 François VILLEROY de GALHAU, Governor of the Banque de France

  2. A significant slowdown in global trade

  3. the slowest global growth since 2008-2009

  4. monetary policy is not the only game in town Sources: IMF, Eurostat Source: Banque de France Stat Info * 118.7 rounded up to the nearest percentage point

  5. Global financial vulnerabilities Source: IMF, October 2019 Global Financial Stability Report

  6. PRIVATE RISK-SHARING: a key and underestimated component Capital Markets Union Innovation and digitalisation Savingsexceedinvestmentby €300bn,but fragmentation Generate more Long-Term Savings and Investment opportunities Massively develop Equity Markets • Cross-border consolidation of European banks Scaling-up of SMEs Develop Debt, Credit and Forex financing tools to increase the international role of the Euro Increase financial flow fluidity between EU financial market places • Equity/GDP: • 79% in the EA, 122% in the US (Q1 2019) • Union for Savings and Sustainable Investment Green finance and energy transition Banking Union

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