July 19, 2020 / 4:51 PM / in a month

EU needs ambitious financial deal more than fast one, Lagarde says

FRANKFURT (Reuters) - It is better for European Union leaders to agree an ambitious financial aid package for the bloc rather than to have a quick deal at any cost, European Central Bank President Christine Lagarde said on Sunday.

“Ideally, the leaders’ agreement should be ambitious in terms of size and composition of the package, broadly along the lines of what has been proposed by the Commission,” Lagarde told Reuters.

“From my perspective, it’s better to agree on an ambitious facility along these lines, even if it takes a bit more time. I would hope that the leaders agree on something that’s ambitious rather than fast.”

A financial aid package designed to lift Europe out of its deepest recession since World War Two hung in the balance at a summit on Sunday as leaders bickered over details for the third straight day, raising the risk that the package could be delayed or drastically watered down.

Reporting by Balazs Koranyi; Editing by Kevin Liffey

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