keeping inflation under control ), not an external aim ( devaluing the exchange rate, which could trigger negative chain reactions ). why 2 % and not 0 %? in order to keep a safety margin, as inflation that is too low is as bad as inflation that is too high : it creates the risk of deflation, i. e. a general and lasting downward spiral of prices, which generates a fall in economic activity and a rise in unemployment. furthermore, slightly positive inflation oils the wheels of the economy, for example when there are labour market rigidities or differences between regions of the euro area. the stability of financing via the decline in interest rates controlled inflation results in a fall in market risk premia : this leads to lower interest rates in the euro area, and especially narrower spreads between countries. let us take the example of our respective countries.. before maastricht, between 1986 and 1992, the spread between italy and germany was 5. 1 % on average, while it was just 1. 4 % in 2016. admittedly there were pressures in 2011 – 2012, stemming directly from temporary doubts over the sustainability of the euro area. for france, the spread has also narrowed, from 1. 9 % between 1986 and 1992 to 0. 3 % in 2016. the french spread may also temporarily react to political uncertainties, but remaining in the euro over the long term continues to be our best protection. all economic players are benefiting from lower interest rates : households – when they purchase a property – and companies that invest, as well as governments and hence taxpayers. some critics would like to leave the euro to let deficits rise without being constrained by european rules. but that is wishful thinking : the financing of deficits would be much more costly for euro area countries leaving the single currency, if we were to return to the spreads before the euro. exchange rate stability and the strength of the single market the euro also helps consolidate the single market, which the european member states have constructed step by step since the treaty of rome in 1957, 60 years ago. in order to achieve greater trade integration, it was necessary to reduce currency fluctuations : europe first attempted this, as of 1979, with the european monetary system, built on a common currency, the ecu. but this mechanism was insufficient to ward off speculative attacks : remember the severe crisis of september 1992 which forced the italian lira out, making it lose 21 % of its value, and which destabilised the

european economy. the single currency put an end to these serious disruptions. it also considerably simplifies day - to - day life : there are no longer any conversion fees for individuals, or any more uncertainties relating to exchange rate volatility for companies. for many firms, including italian imprenditori, their market naturally expanded from their domestic market to the whole of the euro area. according to empirical studies, the euro has thus led to a 5 to 15 % increase in trade between member states. an internationally recognised currency the economic size of the euro area and the stability of its currency allow the euro to play an international role. before the euro, in 1995, only the deutsche mark was an international reserve 2 / 6 bis central bankers'speeches currency, with a share of 15 % of global reserves. today, our shared currency accounts for 20 % of international reserves, in second place behind the dollar. an internationally recognised currency generates economic gains : the financial markets are more attractive for foreign investors, more liquid, and therefore more efficient. but it also carries a political weight : i know that when mario draghi speaks at the g7 or at the g20, the whole world listens to europe attentively. in the global financial arena, which has become turbulent, this union is our greatest chance ; none of our countries would have such clout in insolation. our sovereignty relies necessarily on european sovereignty. * * * the euro makes us more robust, and gives us more confidence in our currency : this is a considerable asset amidst so much uncertainty. the euro has naturally also provided us with a strong symbol of unity among european nations. moreover, from 12 at the start, the number of participating countries has risen to 19 today : 7 countries decided democratically to join the euro, and none has wanted to leave it. these are the concrete economic benefits that make the 340 million citizens of the euro area attached to their currency, to our currency. this attachment, which has been measured since the outset, has remained strong throughout the crisis. 70 % support the euro today, i. e. the highest level since 2008 ; a large majority of french citizens support the euro ( 68 % ). support remains strong in italy, albeit at a lower level ( 53 % ). the euro is not a technocratic utopia : it is a political and democratic decision, supported 25 years on – with hindsight – by a clear majority of citizens. ii. however, there are four