peter praet : keynote speech – “ future europe ” conference video address by mr peter praet, member of the executive board of the european central bank, at the conference " future europe ", frankfurt am main, 10 may 2019. * * * thank you for inviting me to open this second “ future europe ” conference. it is common today for observers to assess the future of europe with a sense of pessimism. the long years of crisis and the rise of euroscepticism appear, in the eyes of many, to have set the cause of integration back. some now question whether europe ’ s citizens would be best served by less integration, not more. partly these questions come from idealised memories of the past, in particular when countries had their own currencies. but we should be clear that things were not better before emu – they were worse. it is easy now to forget that the single market was a response to the economic stagnation and high unemployment of the 1980s ; and the euro a response to monetary disorders. yet doubts about the future of europe also reflect real concerns about our monetary union. the notion that the euro provides stability and security has been weakened by the gaps in our governance framework. in this context it is not surprising that claims that countries would be better off outside the euro find a sympathetic audience. the long run solution most likely involves deeper fiscal integration, and it is important that the debate is moving forward in this area. but ambitions in the short run are relatively limited, and actions are needed today to rebuild trust in emu. what we can accomplish now is to complete banking union. we know from the us that an integrated banking sector is critical for stability and risk sharing in a well - functioning monetary union. the progress made in building the ssm has moved us closer to this aim. but it is clear that, for deep cross - border integration to develop, effective institutions for public risk - sharing need also to be in place. without such institutions, incentives will remain for national authorities to ring - fence capital and liquidity within subsidiaries, and we will not achieve the cross - border integration and private risksharing that are necessary for emu to thrive. this is why completing the framework for bank resolution and deposit insurance cannot be delayed any longer. this will lead to greater private risk - sharing and lessen the need for fiscal risk - sharing. such decisive steps to strengthen the monetary union would come at an opportune moment for europe

- efficient, functional and safe headquarters, while allowing for the necessary flexibility to foster interaction and communication – not only among staff, but also with our colleagues of the eurosystem, the european systemic risk board and other institutions. in addition, the new premises will reflect the values – integrity, excellence, efficiency and transparency – that are essential to our activities. ich bin sehr froh daruber, dass ich heute hier stehen und sagen kann, dass bisher kein schwerer unfall auf der baustelle geschehen ist – und dass, obwohl hunderte von menschen gleichzeitig auf der baustelle arbeiten. ich wunsche mir und hoffe sehr, dass dies auch fur die restliche bauzeit so bleiben wird. ihnen allen hier auf der baustelle viel gluck und alles gute. bleiben sie gesund und passen sie gut auf sich auf. i am grateful that i can stand here today and say that there have been no major accidents on the construction site – even though hundreds of people are working here at the same time. i very much wish that this will continue to be the case for the remainder of the construction process and extend my best wishes to all of you working here on the site. stay healthy and safe. ich hoffe, dass die menschen hier in frankfurt und andernorts unseren neubau als bereicherung der frankfurter skyline und der europaischen landschaft ansehen. wir in der ezb freuen uns, sie und alle besucher aus frankfurt, europa und der ubrigen welt 2014 in unserem neuen gebaude willkommen heißen zu durfen. i hope that our new premises will be viewed by the people of frankfurt, and beyond, as an enrichment of frankfurt ’ s skyline and the landscape of europe. we at the ecb look forward to welcoming all of you and all our visitors from frankfurt, europe and the world to our new home in 2014. bis central bankers ’ speeches