3 1 / 5 bis - central bankers'speeches like adenauer, you also stood unwaveringly for european unity, shepherding the european construction through incredibly testing times. the reconciliation between france and germany after the war was profoundly influenced by the friendship between adenauer and charles de gaulle. it reignited the relationship between their two countries, which they deepened by signing the elysee treaty in 1963. they prepared the ground for the advances in european integration that followed. likewise, you strove to position germany as a reliable and stable partner in europe, anchoring the union through crises that could have otherwise torn us apart. you knew that the futures of germany and europe were inseparable, and that a strong and united europe was the best way to secure your country's prosperity. you succeeded, despite the major challenges that arose along the way. but, angela, you are also you. unique, incomparable, inimitable. i believe the success you have achieved in your remarkable career is down to three of your attributes. first, you have a sense of curiosity and a demand for rigour that help you understand and find solutions to the most complex problems. this is what i call angela " the scientist ". second, you have the humility to seek consensus when others may be held back by ego, and the finesse to bring people to an agreement. this is angela " the pragmatist ". third, you have the inner strength and conviction to defend your most deeply held values when they are most at risk. this is angela " the moral force ". so let me explore these three qualities in more detail. the scientist you have spoken about the challenges of growing up behind the iron curtain, yet it instilled in you qualities that – seen from the outside – have been indispensable to your success. as information was strictly controlled, you developed your own sense of curiosity, seeking out everything you wanted to learn, including what the socialist regime did not want to teach you. and because openly speaking your mind was dangerous – something you understood early on – you learned to be judicious, developing a strong sense of self - reliance. you once told me that you would learn the most important information by heart – so as to leave no trace for the stasi. you then chose to study physics, which gave you a way to remain true to yourself, even under dictatorship. " even under honecker, two times two had to be four,

( 2020 ), “ alternative scenarios for the impact of the covid - 19 pandemic on economic activity in the euro area ”, economic bulletin, issue 3, european central bank. chart 2 shows the household savings rate, as projected in the european commission spring forecast that was published a couple of weeks ago. the household savings rate is forecast to jump by a remarkable 6 percentage points to around 19 percent for 2020, and is expected to remain elevated even in 2021. although “ forced saving ” during the lockdown is surely contributing to the increase in household saving, it is plausible that the precautionary motive will remain significant so long as virus - related uncertainty persists. elevated uncertainty may also hamper investment prospects for an extended period of time. the private investment rate is forecast to drop this year after trending upwards since 2013, and next year it is expected to remain below the level recorded in 2019 ( chart 3 ). the fiscal response to the covid - 19 crisis ( including short - time work schemes, public credit guarantees in many countries and other direct and indirect support for firms and households ) is helping to cushion the impact of the shock : the euro area general government balance is projected to reach a deficit of 8. 5 percent of gdp this year ( chart 4 ). chart 2 euro area household saving ratio https : / / www. ecb. europa. eu / press / key / date / 2020 / html / ecb. sp200519 ~ e5203d3520. en. html 2 / 14 5 / 19 / 2020 pandemic central banking : the monetary stance, market stabilisation and liquidity ( percentage of gross disposable income ) source : european commission spring forecast ( 2020 ). chart 3 euro area private investment rate ( percentage of gross domestic product ) source : european commission spring forecast ( 2020 ). chart 4 euro area general government balance https : / / www. ecb. europa. eu / press / key / date / 2020 / html / ecb. sp200519 ~ e5203d3520. en. html 3 / 14 5 / 19 / 2020 pandemic central banking : the monetary stance, market stabilisation and liquidity ( percentage of gross domestic product ) source : european commission spring forecast ( 2020 ). in the context of the current unprecedented macroeconomic shock, monetary policy has three key roles : first, it must ensure that the overall stance is sufficiently accommodative ;