with all eu partners. together with slovenia, you give a positive example for all other new member countries. for these new member states, it is vital to achieve real growth that permits their income - percapita levels to gradually approach average eu levels. therefore, further steps in monetary integration should be geared toward achieving sustainable real and nominal convergence. g7 / 8 finance ministers meetings, statement of g7 finance ministers and central bank governors, washington, october 19, 2007 ( http : / / www. g8. utoronto. ca / finance / fm071019. htm ) reuters, eurogroup position for g7 meeting ; monday ( http : / / www. reuters. com / article / companynewsandpr / idusl0846597920071008 ) october since the speed of further monetary integration must not compromise its quality, decisions have to be taken on a case - by - case basis in accordance with the treaty. at the same time, equal treatment for new and established eu member states must be ensured throughout the whole process. i am sure that the participation of the new member countries in the stability architecture of eurosystem will make emu an even greater success. this conference provides proof of our research - based approach to the issues of currency and competitiveness. it also demonstrates our readiness to open discussion and to address understandable apprehension. in the same way it promotes a better understanding of price stability as an important contributor to both orderly exchange rate adjustment and the maintenance of economic competitiveness. taken together these functions may help build confidence – probably the most essential task central banks have.

financial integration. in 2017, the european economy grew at its fastest rate in 10 years and for the first time since 2007, all member states saw their economies expand. for 2018, gdp growth is expected to remain strong, based on strong private consumption as well as increased investment and exports, and unemployment rates are receding toward pre - crisis levels. robust growth helps both further reduce government deficit and debt levels and improve labor market conditions. “ the wind is back in europe ’ s sails. but we will go nowhere unless we catch that wind, ” as president juncker said in his 2017 state of the union address. we can use the current good times to make our economies more resilient. this means building fiscal buffers and implementing further economic reforms to strengthen the foundations of our economic and monetary union. we have already made great strides in making its architecture more robust, but it is still not complete. further work lies ahead to make sure that the benefits of emu reach all eu citizens. the date of this year ’ s economics conference was not chosen randomly. the beginning of july coincides with the start of the austrian eu presidency in the second half of 2018. after 1998 and 2006, this is now the third time that austria is holding the presidency of the council of the european union. this time, the presidency faces major challenges including • the brexit negotiations with the u. k., • the debates on the multi - annual financial framework, • progress in completing banking union, • the implementation of the european security and migration agenda, • the fight against terrorism, and • the debate on the future of the european union. the austrian eu presidency takes place at a politically sensitive time as the european parliament ’ s legislative period ends in 2019. important dossiers have to be finalized before the european elections in spring 2019. for the european union as a whole, the euro is a symbol of a peaceful europe, a keystone of economic integration and political unity. for the world, the euro has become a major player in the international monetary system and the second most important global currency. the single currency rests on a common monetary policy, where the governing council of the ecb can and must only target the euro area aggregate when taking monetary policy decisions. in mid - 2012, mario draghi ’ s statement that the ecb is ready to do “ whatever it takes to preserve the euro, ” within our mandate undoubtedly reestablished confidence in sovereign bonds. in response to the crisis, the eu moreover