or the continuation of the same contribution forever. second, we in europe share a large single market. it is a tremendous asset which belongs to us all, the 27. it is no coincidence that access to the single market lies at the heart of the brexit debate. we cannot prejudge the outcome of the future negotiations, but we can be sure of one consistency principle : access to the single market must continue to go hand - in - hand with strict acceptance of all its rules. there can be no cherry - picking or free - riding. and we must obviously preserve the single european trade policy, if we want to exist in the trade negotiations to come worldwide. third, we share a common social model ( slide 2 ) which combines high standards of public service and relatively low levels of inequality – much lower than in american society. and this has been achieved in a market economy. at a time when globalisation may leave many behind in advanced economies, page 4 sur 8 when the debate about inequalities is coming back to the forefront – and these are real challenges behind the populist wave –, now is not the moment to give up on our social model. but this ambition must be clear - sighted : in some countries like france and italy, the high cost of the model and its disappointing performance in terms of growth and employment calls for an acceleration in reforms in the right direction ( slide 3 ). several european countries, including germany and spain, are showing the way forward : they have succeeded in carrying out wide - reaching reforms that are compatible with our shared social model. progress has been made in all four key areas : enterprise, employment, education and expenditure reduction. and these reforms are delivering results today : in recent years, gdp and employment have grown much faster in the “ reforming ” countries, than in france or italy for instance. ii. beyond our existing assets, we in europe must put our joint energies into mastering our common destiny. europe needs all member states to play their part in the common effort. it needs france, as well as spain and its constant european commitment. for this to be a success, projects for strengthening europe have to be carefully selected and prioritized ; and we must not only talk about them, we must give ourselves the practical means to achieve concrete results. in a nutshell : “ few, well, till the end ”, or in spanish if i may, “ poco, bien, hasta el final ”. there are of

seeing ”, but rather by sticking to and building further on its three shared economic and social assets : its single currency, its single market, and its unique social model. we must actively build on them, and not lazily rest on our laurels : pride should not be confused with complacency. first, with the euro, we share a solid currency which is recognised worldwide. the vast majority of euro area citizens are attached to it ( 68 % according to the latest eurobarometeri ). moreover, in a world of uncertainty, european monetary policy is a yardstick of stability. within the ecb governing council, around mario draghi, we take very seriously the task entrusted to us by the european treaties of maintaining price stability, meaning medium - term inflation of close to but below 2 %. our monetary policy has safeguarded the euro area against the threat of deflation in recent times, and is achieving tangible progress towards our inflation target : inflation rose to 0. 5 % in october and should exceed 1 % in early 2017. it is supporting demand while narrowing the output gap, which has been reduced from - 2. 4 % in 2014 to - 1. 0 % in 2016 according to european commission estimatesii. the eurosystem has already page 3 sur 8 provided ample liquidity to the european economy : our holdings under the expanded asset purchase programme amounted to nearly eur 1, 400 bn in october 2016. we can take stock of this progress, while remaining alert to the latest financial developments and their mixed economic effects : the rise in the equity market but also in the long term interest rates ; the appreciation of the dollar but quasi - stability of the global euro exchange rate ; and the increase in inflation expectations. we should be both confident in our progress, and vigilant with respect to our environment. until march, we will go on implementing exactly what we said we would : our clear success today in purchasing a volume of eur 80 bn of assets per month, including corporate bonds, is the best guarantee of our credibility tomorrow. i am fully confident that in our next monetary meetings, in the coming months, we will decide, in a pragmatic approach, about the best evolution after march of all our available tools : qe, tltro and forward guidance on interest rates. and we have many options open regarding the size and length of instruments like our app, excluding either a sudden stop of its contribution to our accommodative policy in march,