the slowdown in the emerging countries, risks that are pretty significant for the euro area. there are also downward pressures on prices in the manufacturing sector as a result of surplus output and the very high unemployment level. but monetary policy alone will not solve all the problems. is the situation in greece under control now? discussions are ongoing and are still intensive at the political and technical levels, but the will to succeed is there and the atmosphere of the discussions has improved considerably. it is distinctly more positive than it was at the beginning of the year. a great deal of progress has already been made through these negotiations. significant reforms have been voted in. the banks will be able to be recapitalised. nevertheless, the situation remains very fragile in this country. after the debt crisis, isn ’ t the migration crisis the next threat to european cohesion? or does it represent more of an opportunity? europe must show that it is a prosperous and secure area. in the short term migration will have an economic impact in the form of a fiscal expansion with some positive impact on growth. germany ’ s fiscal situation is likely to deteriorate by around 0. 3 % to 0. 4 % of gdp in 2016 and 2017. this deterioration will be weaker in other countries. in the long term we will also have to look at the impact of the refugee crisis. this population is different, and care will have to be taken in integrating the migrants into the labour market, especially in germany. in the medium term, from a demographic point of view, it can be a positive factor. the key issue is that of integrating migrants into the labour market in line with their profiles. all of these economic aspects are known and straightforward. from an economic perspective, this situation is not insurmountable ; it is above all a political issue. the more integration we achieve at the economic level, the more it will be accepted politically. but all of this cannot be done in a day. europe needs a young and well - trained workforce. we can create an opportunity out of a tragic situation, but it is not going to be easy. it is possible for a country to organise migration, and we have already done so in the past. the issue of security to combat the threat of terrorism will become a major challenge for governments in the months to come. france has already said that it will take a few liberties with the european deficit limits. shouldn ’ t the fiscal straightjacket on member states be loosened? this has

all, the stability of the institutional architecture is a crucial element of the credibility of the single monetary policy and the public ’ s confidence in our currency. of course, further refinements to the draft constitution are possible, and the ecb has made several suggestions. for example, we strongly believe that price stability should be added to the list of the union ’ s objectives set out in the first part of the constitution. because price stability is of great importance not only for the ecb but for the union as a whole. it ensures confidence in the long - term value of the euro and translates into low and stable medium and long - term market interest rates. it also avoids an abitrary redistribution of wealth, thus it helps to protect the weakest members of society. price stability certainly deserves to be an objective of the european union. furthermore, we would like to see a clarification of the allocation of responsibilities concerning the international representation of the euro. it would also be useful to recognise the widely used term “ eurosystem ”. naturally, in all our comments the ecb does respect the prerogative of national governments and ultimately the citizens to adopt the institutional framework of the eu. at the same time, the ecb has a clear interest for the constitutional process to be a success. in this, i completely concur with what my predecessor, wim duisenberg, repeatedly stressed : for a well - functioning monetary union a strong and effective eu is necessary. emu contributes significantly to the strength of the eu but without a political union and effective institutions the ship will lose balance. therefore, i would like to comment briefly on provisions in the draft constitution that concern the overall political institutions and procedures of the eu. i think, it is to be welcomed that the draft constitution increases the visibility and continuity of the key representatives of the eu. a new elected president of the european council and a strong eu foreign minister will help to put faces to decisions. i also support the extension of qualified majority voting. the eu may not necessarily acquire new competencies. however, the eu should have the means to implement effectively those competencies that have been given to it. qualified majority voting ensures that decisions are actually taken. it is now for the intergovernmental conference to use the convention ’ s draft for finalising the constitution. in this regard, i look forward to listen to the discussions at the first panel of tomorrow ’ s congress. enlargement the upcoming enlargement