to be, in my view, the best answer to all the questions. and for that, the remarkable friendship between our two countries must continue to inspire us. as chancellor konrad adenauer already stated in 1963 : “ imagine, if this friendship [ between france and germany ] didn ’ t exist, any attempt to create europe would be doomed to fail from the outset. ” 1 this will be my second point. i. what we currently share in europe : our three economic strengths. let me start by our shared successes. today, in europe, we have three major economic assets : the single currency, the single market and our common social model. first asset : the euro. it is a solid currency that is recognised worldwide. the great majority of euro area citizens are attached to it : 70 % according to the latest eurobarometer survey2. and contrary to certain claims, our monetary policy is not some latin flight of fancy. it is very much in line with the german values that i fully share : independence, respect of the treaties, price stability and a long - term approach. monetary policy is decided collectively by the governing council, and we take the task entrusted to us of ensuring price stability very seriously. this means making sure that inflation is neither too high nor too low : our target is below, but close to 2 % over the medium term. our monetary policy has enabled us to prevent the mortal danger of deflation that has been threatening the euro area in recent times. today, inflation is rising again in the euro area, as we had announced : we have moved from a fall of 0. 2 % in april 2016 to a rise of 1 / 3 bis central bankers'speeches 2 % last month, due somewhat exceptionally to energy prices. beyond these short - term fluctuations, inflation is expected to stand at 1. 7 % in 2017, 1. 6 % in 2018 and 1. 7 % in 2019. second asset : we share a large single market that belongs collectively to the member states of the european union. this is a major step forward for european trade. it is no coincidence that single market access is at the centre of the brexit debate. naturally, we cannot anticipate the results of the forthcoming negotiations, but one principle of consistency must be observed : access to the single market must continue to be contingent on the strict observance of all of its rules. there can be no cherry picking or free - riding. and we must obviously maintain our common european trade policy

francois villeroy de galhau : franco - german experiences and challenges in the euro era relations - speech by mr francois villeroy de galhau, governor of the bank of france, at the europadialog, organized by the investitions - und strukturbank rheinland - pfalz ( isb ), mainz, 21 march 2017. * * * madam minister - president [ ms dreyer ], madam finance minister [ ms ahnen ], mr spokesperson [ m. dexheimer ], ladies and gentlemen, i am delighted to be here with you today in mainz, and i sincerely thank you for inviting me. on a more personal note, i am here as a committed european and a friend of germany. i am particularly attached to the franco - german friendship : i am french and live in paris, but my family ’ s roots are in a neighbouring land, saarland, where my family has lived since the end of the 18th century and where its porcelain manufacturing company villeroy & boch forms part of the german “ mittelstand ”. when i spend my holidays in saarland and i go north, i admire trier ; or east, neustadt an der weinstraße. and when i come fortnightly to participate in the ecb governing council, i am very close to your beautiful town of mainz. there is no doubt in my mind that “ we, the citizens of the european union, have united for the better ”, as stated in the berlin declaration of 25 march 2007. this was for the 50th anniversary of the treaty of rome, and this is still just as true four days before we celebrate its 60th anniversary. and yet, our unity may appear threatened today : euroscepticism is on the rise, driven by populism throughout europe ; brexit triumphed in the united kingdom last june ; and the new american government freely expresses its reservations about the european union. in these times of turmoil, we mustn ’ t lower the european flag. let us remember the formidable progress that we have made since our two countries decided to share their destinies by signing the treaty of rome, along with belgium, italy, luxembourg and the netherlands. today, in europe, we share three major economic assets : the single currency, the single market and our common social model. we have built them together and we can be proud of them. this will be my first point. for the future, european unity continues