benoit cœure : sustainable globalisation - lessons from europe speech by mr benoit cœure, member of the executive board of the european central bank, at the workshop " financial globalization and its spillovers – monetary and exchange rate policy in times of crises ", special public event " 25 years after maastricht : the future of money and finance in europe ", maastricht, 16 february 2017. * * * i would like to thank roland beck for his assistance in preparing this speech. all views expressed herein remain mine. ladies and gentlemen, let me first thank the organisers for inviting me to this impressive jean monnet workshop, which is taking place at a critical point in time. 25 years after maastricht, you might expect me to reflect upon the implications of the maastricht treaty, which brought about the biggest transfer of sovereignty in europe since the treaty of rome. and indeed today 500 million people benefit from the single market and 19 countries enjoy stable prices thanks to the euro. you might also be expecting me to talk about the advantages of europe ’ s new single supervisory mechanism. or about the challenges we face in completing economic and monetary union. well, these are indeed important issues, but i ’ d like to approach them today from a slightly different angle, namely from the perspective of economic and financial globalisation. over the past 25 years, global trade relative to gdp almost doubled, financial openness quadrupled and global value chains emerged as a worldwide phenomenon. 1 these figures suggest that a too inward - looking appraisal of the european project 25 years after maastricht would fail to draw the full lessons from the project. european integration and “ globalisation ” are at least partly based on the same principles. so it ’ s no surprise that the acute concerns expressed about globalisation today coincide with equally acute doubts over european integration. as we know, the push for european integration was initially a political one. 2 it was built in the post - war period on the promise of lasting peace and security and democracy on our continent. over time, enlargement extended this promise to the new democracies in southern and eastern europe. as the continent experienced an unprecedented era of political stability, economic integration was no longer presented just as a means to that end : it was at the centre of a promise of economic prosperity and protection for european workers in times of technological change and increased global competition. but many today feel that europe has not kept this

that financial systems in one country outgrow the capacity of national taxpayers to support them. the implications of this experience are profound. as i have argued, they point to the need for a much greater euro area and eu perspective in the supervisory and regulatory framework. while progress has been made in this domain, much remains to be done. thank you for your attention. lamfalussy, a. et al. ( 2001 ). final report of the committee of wise men on the regulation of european securities markets, http : / / ec. europa. eu / internal _ market / securities / docs / lamfalussy / wisemen / final - report - wise - men _ en. pdf bis central bankers ’ speeches