FRANKFURT, Nov. 17 (Xinhua) -- European Central Bank (ECB) President Christine Lagarde on Friday called for bold actions to advance the capital markets union (CMU) in the European Union (EU).

In a speech at the European Banking Congress in Frankfurt, she said the CMU is essential for raising the money needed to respond to the challenges presented by deglobalization, ageing of the population and climate change. Having a stronger securities and markets authority would be a step in the right direction, she said.

"Addressing all these challenges at the same time will require a generational effort -- and massive investment is needed in a short space of time," Lagarde said, adding that the EU was "at a critical juncture."

Lagarde urged all stakeholders to show "unwavering determination" toward the CMU.

"So, what we need today is for all parties to rally around this project, recognizing that the future prosperity of Europe depends on it," she said.

Lagarde urged people not to be disheartened by controversial issues like issuing common EU bonds and work on "areas that are necessary for the CMU to become a reality."

"So, I encourage all of us to be bold and not to let this moment pass," she said.