Within its macroprudential mandate, the ECB will contribute to this end. Despite the potential for monetary policy to influence economic growth in the short term, strong, sustainable and balanced growth requires other policymakers to assume their responsibilities. From a global perspective, one of the key ingredients for raising potential growth and productivity is openness. Open trade, investment and sustainable financial flows play a key role in the crossborder diffusion of new technologies that drive forward efficiency improvements. Preserving openness is thus key to strengthening global growth potential. It should be underpinned by effective multilateral cooperation, including in the field of financial regulation and supervision. As regards the euro area, strengthening its long-term growth potential calls for decisive action to address the remaining structural issues. Reform implementation needs to be substantially stepped up, with further actions to improve the business and regulatory environment aimed at boosting investment and increasing productivity. Labour market rigidities need to be reduced further to enhance job creation and reduce unemployment, especially for young people. To foster reform implementation at country level, a full and consistent application of the EU’s policy framework is required, including the European Semester and the macroeconomic imbalance procedure. Likewise, full and consistent implementation of the Stability and Growth Pact remains crucial to ensure confidence in the EU’s fiscal framework and to safeguard public debt sustainability. In the current environment, a broadly neutral euro area fiscal stance strikes an appropriate balance between aggregate stabilisation and sustainability needs.

Benoît Cœuré: Cyber resilience for pan-European financial market infrastructures Introductory remarks by Mr Benoît Cœuré, Member of the Executive Board of the European Central Bank, at the High-Level Meeting on Cyber Resilience, Frankfurt am Main, 19 June 2017. * * *  Introduction It is a pleasure to welcome you here today to this strategic high-level meeting on cyber resilience for pan-European financial market infrastructures. The aim of bringing together high-level representatives from large European market infrastructures, critical service providers and public authorities is threefold: First we would like to gain a deeper understanding of the cyber threat landscape in Europe. The European Union Agency for Network and Information Security (ENISA) will make a presentation on the cyber threat landscape and its relevance for the financial sector. Second, we will share with you the Eurosystem’s cyber strategy for financial market infrastructures and also explain ECB Banking Supervision’s approach to the issue of bank cyber resilience. Third, we would like to hear your views on how we can all collaborate in a trusted environment to enhance the cyber resilience of financial market infrastructures. More specifically, we would like to assess with you how much interest there is in creating a highlevel cyber resilience forum for pan-European financial market infrastructures, critical service providers and competent authorities. Before we start, let me briefly set the scene.