The Globe and Mail reports in its Saturday edition that Europe needs a capital markets union, including a single supervisor and trading infrastructure, to finance its digitalization and green transition, European Central Bank president Christine Lagarde said on Friday. A Reuters dispatch to The Globe quotes Ms. Lagarde saying that neither heavily indebted governments nor banks can come up with the money needed to make the Europe Union more productive and independent in an increasingly fragmented world. The European Commission says the EU needs 620 billion euros every year until 2030 for the green transition and a further 125 billion annually for digitalization. "It is clear that we cannot rely on our existing framework to finance this investment," Ms. Lagarde told a conference. "We will not succeed in these transitions if we don't get CMU [capital markets union] back on track." As examples of the changes she advocates, she said the European Securities and Markets Authority should be given more powers, akin to those of the United States' Securities and Exchange Commission, to replace the current patchwork of national authorities. She also called for the creation of a single log for recording European securities trades.