ECB’s Lagarde: ‘I Really Don’t Think’ that Europe Has Been Unfair to U.S. Auto Industry

EXCERPT:

LAGARDE: "I really don’t think so. There is so much — you know, there is so much joint interest between those two economic continents, if I can call it that way, because Europe is a vast economic region, 450 million consumers, very advanced economies altogether. And there is a lot of foreign direct investment between the two countries. There is a lot of trade going on, goods and services. So there might be sectors where serious negotiations need to be had, but there it’s going to be, as always with trade — you know, I was trade secretary for two years of my public life. It’s unbelievably complicated because you have thousands of — I think it’s more than 8000 lines of custom duties for all those products. And of course, it’s going to require a tedious, you know, serious work to get down to what is acceptable to parties and where the vulnerability points are addressed. And it's not just on one side, it's on both sides."