Lessons for Europe from Trumps victory

The election of Donald Trump is a major event with lessons for Europe, says the Executive Board member, Benoit Coeure, on Friday.

According to Coeure, it is too early to determine if the European Central Bank needs to act to temper the ensuing market volatility.

“It holds a lesson for Europe, in a world where shocks are increasing; Europe must keep control of its destiny.

“For Europe to be strong in terms of defense and security, it must have a strong economy.

“And for the economy to be strong, reforms are needed in every country and the euro area must function better.’’

Coeure added that excessive market volatility must be avoided but for now, the euro zone recovery appeared to be gaining strength.