Boris Vujčić: Integrated, open and resilient: Europe’s strengths in a fragmenting world
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ECB Vice-President Boris Vujčić argues in Dublin that Europe should respond to geopolitical shocks by building resilience rather than retreating from openness. His prescription is to complete the Single Market and the savings and investments union, since internal fragmentation makes cross-border business costly and weakens risk sharing.
Key points
- Internal barriers are equivalent to tariffs of 67% for goods and 95% for services, according to ECB estimates
- In the US markets and transfers absorb 70% of regional shocks; in the euro area around 30%
- Cutting internal barriers by 2% would offset in the long run the impact of US tariffs (0.7 points of GDP)
- Calls for completing European deposit insurance, harmonising withholding taxes and progress on the digital euro and Pontes
Who is affected
Banks, capital markets and European authorities
Plain-language version
Boris Vujčić, vice-president of the ECB (the euro area's central bank), says barriers between EU countries work like tariffs of 67% on goods and 95% on services. He wants the single market completed: cutting them by just 2% would, over time, offset the hit from US tariffs. A more integrated Europe would also absorb crises better, as the United States already does.
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