ECB’s Lagarde Sees Make-or-Break Moment to Reform European Union

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European Union leaders must show courage in strengthening the bloc’s foundations, according to European Central Bank President Christine Lagarde.

“Europe now finds itself in a world that is far less forgiving of the gaps in its institutional architecture,” she said Wednesday in Aachen, Germany. “Institutions that were built for an earlier age are being tested by demands they were not fully designed to meet.”