union. these are the decisions made by the british population, we have nothing to say in that regard. but i think that it ’ s going to be quite negative in terms of economic performance for the uk. the rest of the members of the union will have to continue cooperating and continue integrating our economies. i think that in that aspect further integration is the correct answer. i repeat again, it ’ s quite unfortunate that the uk, such a big economy, leaves the union, but this decision is taken by the british people. we regret that decision. i would like to express that we have to continue cooperating with the uk and that i hope that we will have a divorce that will be orderly and that will let us continue operating with the uk. but now the decision has to be taken by the british parliament, so full respect for the decisions taken by the british population and by the british parliament. but i think that we will have to continue our integration process in the euro area. given the current political climate in europe, do you feel that moving towards closer integration is the right step because we see a lot of backlash at this moment both in nationalistic, populist and so on? undoubtedly we have seen more populism all over europe in recent years, but i think that the correct response is to take further steps in terms of integration. there is not an easy fix to the problems of europe. but i think that the euro indicates that there is a way forward and that we can overcome difficulties together and that the very nationalistic and domestic approaches are not enough in order to do that, but that it ’ s much better to do it together. and in that regard the euro is the main element of coherence and the main element of political integration and financial integration that we have in the eu. if we take one case in particular – that of italy – we see that there is this new government that is really pointing the finger against these technocratic institutions, including the ecb, and saying this is not the future, we cannot go on like this. they're the third largest euro zone member, so third most important. so what can you answer to that kind of political sentiment that indeed is rising? i do not want to comment on any particular country, but even if you look at italy, if you look at the polls, there is a very important majority of the italian people who support the euro. we have seen that the italian government – and i

luis de guindos : interview with latvian tv interview by mr luis de guindos, vice - president of the european central bank, with latvian tv, conducted by mr toms pastors on 7 january 2019 and broadcast on 9 january 2019 for latvian tv1 " pasaules panorama ( world panorama " ). * * * the euro as a currency has just entered the age of young adult, if you will. there have been some growing pains especially during the sovereign debt crisis. how would you rate the role we have taken thus far? did we barely survive these 20 years, or are we in a good position at the moment? well, it's obvious that we've had difficulties but if you look backwards, i think that you can realise that the euro has been a very important success. undoubtedly the euro is the most important element of european integration. it's not only economics or financial issues ; it's that this is the real instrument in terms of cooperation. despite the difficulties, because undoubtedly we had the debt crisis, as you have said, today the euro has delivered financial and economic stability to the euro zone. it is the second most important world currency now in terms of reserves. and we have an inflation rate that's below 2 %, - but close to 2 %. even if you look at the measures we have taken in the last five years, monetary policy has been one of the main drivers of the recovery that we have now in europe. so, all in all, despite the difficulties and although we still need reforms to be taken in the near future, i think that we can conclude that the euro, the single currency has been a real success. there was a time when we were actively speaking about the possibility that we might lose one member state and this last year greece finished the whole programme. do you feel that at the moment the mechanisms are there to avoid a situation like this ; that crisis in one country could lead to a really large problem for the whole euro zone? i think there is something about the euro that is quite relevant. the euro is a project that you can join in but that is much more difficult to leave. in that regard, i would say that we come from the difficulties over the last ten years making reforms. we created the esm, we set up the banking union, so we have been acquiring additional instruments to overcome the difficulties. i think that we are much more prepared to face a new crisis despite the fact