jean - claude trichet : the handing over of the building permit for the new european central bank premises by the city of frankfurt introductory statement by mr jean - claude trichet, president of the european central bank, at the press conference, frankfurt, 6 may 2008. * * * sehr geehrte frau oberburgermeisterin roth, sehr geehrte damen und herren, ich freue mich sehr, dass sie, frau oberburgermeisterin, mir heute personlich die baugenehmigung fur unseren neubau auf dem gelande der ehemaligen großmarkthalle uberreichen. fur die ezb ist es ein besonderer tag – die erteilung der baugenehmigung ist einer der wichtigsten meilensteine auf dem weg zur errichtung des neuen sitzes der europaischen zentralbank. this building permit provides us with formal approval for our architectural plans. we can now start implementing these plans, which have been under development for the past two years during the planning phase. the ecb sincerely welcomes the issuing of the permit, as it represents the culmination of all the hard work that has been done up to this point. we are very excited about the upcoming phase, that is, the start of the main construction work. as stimulating as the previous design phases were, they cannot possibly compare to the next stage, in which we will see the new ecb premises rise from the ground. i would like to take a moment now to reiterate some of the key features of our future premises. let me start with the preservation of the großmarkthalle. this important consideration has played a key role throughout the different stages of the project. at the ecb, we take particular pride in the fact that our efforts will enable this remarkable building – designed by the architect martin elsasser – to be preserved. in the course of the construction process, the concrete structure of the hall and the brick facades will be entirely renovated, while of course due attention will be paid to the guidelines of the monument preservation authorities. over the past two years preservation experts have spent literally thousands of hours assessing the exact state of the building ’ s structure and the best methods to use for its preservation. the großmarkthalle will not only be revitalised ; it

the country ’ s problems, when the italian economy ’ s weaknesses, such as lacklustre productivity growth, predate the single currency. such biases will not go away until the economies have converged sufficiently. why does making the labour market more flexible appear to be the keystone of reforms to be carried out in france? reforming the french labour market has become extremely symbolic in europe : it is considered everywhere as proof of france ’ s willingness to reform. that ’ s what makes it essential. the new french government fully understands this. however, this can only be a first step. the notorious “ flexicurity ” includes the word “ security ”. making the labour market more flexible can unleash potential, but doing so also requires safeguarding workers ’ careers and reforming their training. there is also the problem of the mismatch between france ’ s output and foreign demand, as shown by its external deficit, which is one of the highest in the euro area. this deficit is not the result of an overly rigid labour market, but rather of a skills mismatch. education and training must therefore be at the heart of the reforms of the french economy. should inspiration be taken from the italian “ jobs act ” reform, which introduced a single labour contract? 1 / 4 bis central bankers'speeches each country has its own unique features, but it ’ s true that, with the “ jobs act ”, italy went further than france. what is more, this reform is starting to bear fruit. several plans are also on the table for eurobonds, these european bonds whereby the risks are more or less shared among the member countries. what is the current thinking on these? discussions are under way, in particular within the european systemic risk board. but it is unrealistic to imagine, as is too often the case in france, that technical fixes can solve political problems. prior to any reform of the euro area, discussions need to take place on the joint projects and their democratic basis. public debt, whether french or european, constitutes the taxes of tomorrow and beyond. who will vote for these taxes? the national parliaments or the european parliament? and what will they finance? these are very political choices. with the economic upswing and the return of confidence in europe, the time has come to embark on this joint reflection. doesn ’ t the coming increase in interest rates pose a threat to the countries with weak public finances? the increase in long - term interest rates is the