alignment between policies, where needed, must serve the objective of monetary stability and should not work to the detriment of it. this is why, since 2014, we have gradually placed more emphasis on the macroeconomic policy mix in the euro area, which is the respective contribution of monetary and fiscal policy in supporting the economy. we have seen in other regions where fiscal policy has played a greater role since the crisis that the return to price stability has been faster. in the united states, for example, from 2009 to 2018 the average cyclically adjusted government primary balance13 was 3. 6 %, while it was 0. 5 % for the euro area. this is one of the reasons that interest rates in the united states have been able to rise sooner, while in the euro area they have been low or negative for a long time. a more active fiscal policy in the euro area would thus make it possible to adjust our policies more quickly, which we are well aware are having adverse effects on certain sectors of society and certain intermediaries. it is always with this idea of “ independence in interdependence ” in mind that, throughout my mandate, the ecb has continuously advocated further institutional reform of the euro area. we have welcomed the improvements that have been made and urged governments and parliaments to continue working towards that goal. we have done so because we know that it is only by taking these steps that we can make our monetary union more resilient – and more able to deliver on the expectations for which it was created in the first place. conclusion allow me to conclude. as i said in my introduction, i hope that many students from this university will one day choose to put their skills and energy to use in serving the public. if you elect to do so, i have no doubt that you will encounter considerable challenges, as all policymakers do. there will be setbacks and mistakes, because the world is complex. but i hope that you may find encouragement in the fact that, throughout history, decisions based on knowledge, courage and humility have always proven their value. the establishment of the european union, the introduction of the euro and the operations of the ecb have encountered many obstacles and faced many critics. and yet they have proven their worth, and it is now the “ doubters ” that are being doubted. this is part of the normal evolution of monetary unions, which is slow, non - linear and bumpy. the united states, for example, did

, forthcoming. 6 bank for international settlements, “ unconventional monetary policy tools : a cross - country analysis ”, cgfs papers, no 63, october 2019. 7 see lenza, m. and slacelek j., “ how does monetary policy affect income and wealth inequality? evidence from quantitative easing in the euro area ”, working paper series, ecb, no 2190, october 2018. see also deutsche bundesbank, “ distributional effects of monetary policy ”, monthly report, september 2016 and casiraghi, m., gaiotti, e., rodano, l., and secchi, a., “ a ‘ reverse robin hood ’? the distributional implications of non - standard monetary policy for italian households ”, journal of international money and finance, elsevier, vol. 85 ( c ), 2018, pp. 215 – 235. 8 shiller, r. j., “ narrative economics ”, cowles foundation discussion paper, no 20169, january 2017. 9 see the article entitled “ what is behind the recent rebound in euro area employment? ”, economic bulletin, issue 8, ecb, 2015. 10 altavilla, c., giannone, d. and lenza, m., “ the financial and macroeconomic effects of the omt announcements ”, international journal of central banking, vol. 12 no 3, 2016, pp. 29 – 57. 11 see speech by draghi, m., “ global and domestic inflation ”, economic club of new york, december 2015. 12 see speech by draghi, m., “ on the importance of policy alignment to fulfil our economic potential ”, brussels economic forum, june 2016. 13 as a percentage of potential gdp. oecd data. 7 / 7 bis central bankers'speeches