Reuters reports that European Central Bank President Christine Lagarde said that Europe must distribute its 750 billion euro recovery fund for the pandemic-hit economy promptly and should debate creating a permanent fiscal tool for the bloc.

"The Commission's aim is to be able to distribute these funds at the beginning of 2021, and this timeline must be kept," Lagarde said. "We also need rapid progress on the political side, in particular the adoption of the measures by national parliaments."

Lagarde added that funds must be targeted, otherwise they get lost in the "administrative labyrinth," failing to support the real economy's transformation in the post-pandemic world.

She also said that European leaders should consider making the recovery fund permanent, a taboo in some more conservative countries, and should also discuss setting up a permanent budget for the euro zone.