Speech by Benoît Cœuré, Member of the Executive Board of the ECB, at the ECB Representative Office in Brussels, 3 December 2019
(...) Conclusion
Under the duress of the euro area crisis and its immediate aftermath, much has been achieved towards making our monetary union more fit for purpose. We can be proud of past achievements, but today’s steps are more uncertain. The risk is high that Europe will once again fail to fix its roof when the sun is shining.
Jean Monnet’s famous prophecy that “Europe will be forged in crises and will be the sum of the solutions adopted for those crises” might once again be proven right, but at what cost? Current discussions now tend to favour Deng Xiaoping’s step-by-step approach of “crossing the river by feeling the stones”.
But in our uncertain times, the risk of such an incremental approach is obvious: it is that we never make it to the other side of the river, and risk being carried away by the stream.
I trust that the new European leadership will find the resolve to give the euro area new direction and pace, and to provide the ECB with the environment it needs to keep our single currency sound and stable.
Thank you. (...)
(...) Conclusion
Under the duress of the euro area crisis and its immediate aftermath, much has been achieved towards making our monetary union more fit for purpose. We can be proud of past achievements, but today’s steps are more uncertain. The risk is high that Europe will once again fail to fix its roof when the sun is shining.
Jean Monnet’s famous prophecy that “Europe will be forged in crises and will be the sum of the solutions adopted for those crises” might once again be proven right, but at what cost? Current discussions now tend to favour Deng Xiaoping’s step-by-step approach of “crossing the river by feeling the stones”.
But in our uncertain times, the risk of such an incremental approach is obvious: it is that we never make it to the other side of the river, and risk being carried away by the stream.
I trust that the new European leadership will find the resolve to give the euro area new direction and pace, and to provide the ECB with the environment it needs to keep our single currency sound and stable.
Thank you. (...)
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