7 % [ slide ], and the disparities across countries have narrowed. besides, better controlled inflation means lower financing costs, because it reduces risk premia [ slide ]. all economic players benefit from lower interest rates : households, when they purchase a property, companies when they invest, but also governments and hence taxpayers. in addition, the euro has helped consolidate the european single market, by eliminating currency fluctuations for corporates, simplifying day - to - day life for citizens and promoting capital market integration. lastly, the economic size of the euro area and the stability of its currency have enabled the euro to play an important international role. today, the euro accounts for 20 % of international reserves, second only to the us dollar. an internationally recognised currency generates economic gains : financial markets are more attractive to domestic and foreign investors, more liquid, and thus more efficient. but it also carries a political weight : when mario draghi speaks at the g7 or g20, the whole world listens to europe attentively, just as when janet yellen speaks for the united states. page 4 sur 6 overall, this list of benefits is impressive, particularly when you think that the euro is only 19 years old. more importantly, we have come this far despite the global financial crisis, which triggered the deepest recession in three generations and despite the euro area sovereign debt crisis a few years later. the robust economic recovery in the euro - area now enables us to pursue a path of gradual normalisation of our monetary policy. on 26 october, the governing council of the ecb, dividing in half the volume of our monthly net asset purchases, took a decisive step towards possibly ending them, while maintaining with all our other instruments an ample degree of monetary accommodation. second, we in europe share a large single market. it removes all internal borders and regulatory obstacles to the free movement of goods, capital, services, and persons in the european union. it is a tremendous asset which belongs to us all – the 27 – and it is no coincidence that access to the single market lies at the heart of the brexit debate. we cannot foresee the outcome of the future negotiations and we don ’ t want to “ punish ” the united kingdom in any measure. but we must respect 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. for the financial services industry,

to check. our single currency is a key step within the on - going process of european integration. the euro banknotes have become the most visible symbol of that process. the euro has become moreover a symbol of solidarity in times of crisis, with the euro area assisting countries that have to go through tough but necessary adjustments. with the support of their european partners the spanish authorities have been decisive in embarking on a financial adjustment programme that has helped to clean the balance sheets of the weakest banks and recapitalised them with fresh funds. this has laid the foundations for a revival of the flow of credit to the real economy. allow me a personal remark, that i have the greatest respect for the spanish people who are experiencing hard times but are sticking to their commitments and responsibilities. ladies and gentlemen, i sincerely hope that you will enjoy visiting the new face of the euro exhibition. without further ado, it is a pleasure for me to declare the exhibition open. bis central bankers ’ speeches