ECB President Christine Lagarde, speaking in Normandy, stated that Europe is facing increasing global volatility, including the Russia-Ukraine conflict, energy shocks, US tariffs, and the Middle East conflict. She noted that since early last year, exports from Eurozone companies affected by US tariffs have fallen by nearly one-fifth. Furthermore, Europe's shortcomings in the digital services single market and cross-border capital flows have led to over 400 companies founded by Europeans, with a combined valuation of approximately $1.8 trillion, developing outside of Europe, and European savings flowing overseas in search of higher returns. Lagarde emphasized that Europe needs to complete the single market and effectively utilize savings to address these challenges.