jean - claude trichet : building europe, building institutions speech by mr jean - claude trichet, president of the european central bank, on receiving the karlspreis 2011, aachen, 2 june 2011. * * * lord mayor, presidents of the european council, the european commission, the european parliament and the eurogroup, former recipients of the karlspreis, president of the deutsche bundesrat, excellencies, ministers, members of the european parliament and national parliaments, members of the ecb ’ s governing council, members of the karlspreis foundation, ladies and gentlemen, it is an immense honour to receive the karlspreis today. i find it difficult to put into words how deeply humbled i am to join the most impressive company of the prize recipients. to borrow the words of sir isaac newton, i feel as if i am standing on the shoulders of giants. i express my most profound gratitude to the karlspreis foundation for bestowing this honour. i know that this prize goes to my colleagues of the executive board who are present today and to all staff of the european monetary team : the european system of central banks. i am moved by the kind words of president barroso and the faith the karlspreis foundation have placed in us as true europeans. * * * each generation needs to affirm its commitment to europe. for the generation that lived through the second world war, europe was essential to prevent a return to the depression and the horrors of that war. for the generation after, europe was the cornerstone of building prosperity through economic freedom and open markets. for the current generation, these achievements are taken for granted. citizens have new concerns. they want to be told why european unity is more important than ever in the present globalised world to ensure peace and security ; why the european union is vital to ensure and promote the interests of the european nations ; why the european economies and societies are much more interdependent today than immediately after world war ii ; and how these interests and this interdependence should be best governed. in all domains this calls for continuing to strengthen europe ’ s institutional framework. in the economic and financial fields it demands to reinforce in a decisive way the institutions of the economic and monetary union. by institutions, i do not mean technocrats making complex decisions remote from citizens. i mean the rules and organisations that preserve our core values and guide our actions towards the common good. institutions that build trust between

european identity, each mutually reinforcing. this is unity in diversity – a strong whole with equally strong parts. europe is progressing along this path. but to go further, the european nations must continue to lead the way. it is vital that all nations engage fully in the european historical endeavour and look with confidence to the future. there are many grounds to be confident in our long - term future. europe is in the vanguard of nations working peacefully together. we have replaced confrontation and conflict with cooperation and consensus. we have combined political freedom with economic freedom and social peace. we have proved that our single currency is stable and credible, preserving price stability over time. let us carry this noble endeavour further by giving europe now and for the longer term the institutions it deserves. thank you for your attention. bis central bankers ’ speeches