International Monetary Fund Managing Director Christine Lagarde said Friday the European Union membership helped the U.K. to transform into a dynamic and vibrant economy and the country will continue to benefit by staying in the group.
The U.K. benefited and will continue to be benefit from its membership in the European Union, Lagarde said, a prepared text for a speech in Vienna showed.
The EU membership has made the U.K. a richer economy, but it has also made it a more diverse, more exciting, and more creative country, she said.
The U.K. gained from increased trade within the EU and, consequently, more investment came and the country became an integrated part of European supply chains, Lagarde noted. Increased trade also raised productivity and incomes, she added.
"We have already been on record that the economic risks of leaving are firmly to the downside," she said.
"I have always admired the United Kingdom for it openness to other nationalities and foreign cultures, and I find it hard to believe that attitudes have changed in such a short time," Lagarde said.
She also urged Europe to simplify the Stability and Growth Pact to promote stronger fiscal rules.
Further, she urged policymakers to set up a centralized investment scheme to address some of the big challenges such as refugee settlement, adaptation to climate change and investment in transport and communication infrastructure.
Lagarde concluded that Europe is always stronger when it stands together. "We need to take steps now to build a better and more prosperous union for the next generation of Europeans," Lagarde added.
by RTT Staff Writer
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