monthly cost of broadband was about 100 % higher in the us than in europe3. lobbying expenditures in the us are also estimated to be twice as high. so this is an area where europe really gives power back to ordinary people. being the world ’ s largest exporter of manufactured goods and services and the biggest export 1 / 3 bis central bankers'speeches market for around 80 countries gives the eu considerable power as a global standard - setter, too4. in the past this capacity mainly affected technical areas that were less visible to the public, like chemicals and food standards. but today it clearly helps us to protect and share our values. take for example the eu ’ s data protection directive. since it was passed, over 30 countries have adopted eu - type privacy laws, including most oecd countries. reflections are now also under way on how the eu ’ s market force can be harnessed to accelerate the fight against climate change. the third aspect is linking europe ’ s potential more visibly to people ’ s concerns. if we ask europeans today what they see as the main issues for the eu, 38 % say climate change or the environment, 34 % say immigration and 30 % say the economic situation or unemployment5. these are mostly challenges that have a cross - border, geopolitical or technological dimension. the upshot is that the areas where europe adds the most value – addressing challenges that are beyond the remit of nation states alone – are the areas where people now want to see results. this provides a huge opportunity for the eu to connect more strongly with its citizens and to strengthen the foundations of the european project. doing so would in turn set the stage for integration in more complex areas, like fiscal policies. empirical evidence suggests that eu citizens tend to be much more supportive of economic integration if it rests on a sense of togetherness rather than focusing solely on maximising economic performance6. in the spirit of schuman, a united europe is one that acts with europeans ’ common good at heart and addresses their challenges in a tangible way. if we look to our past, we are reminded that economic integration can only be sustainable if it is based on a culture of stability, fairness and togetherness. and if we look ahead, it is clear that a united europe needs to provide the public goods that will shape our common future : turning challenges into opportunities in our natural, digital and economic environment. and the ecb, within its mandate, will play its role in upholding this spirit

and tackling the shared challenges we face. 1 see mion, giordano and ponattu, dominic ( 2019 ), “ estimating economic benefits of the single market for european countries and regions ”, bertelsmannstiftung policy paper. 2 philippon, thomas ( 2019 ), the great reversal : how america gave up on free markets, belknap press. 3 faccio, mara and zingales, luigi ( 2017 ), “ political determinants of competition in the mobile telecommunication industry ”, nber working papers 23041, national bureau of economic research. 4 see european parliament factsheet ( 2019 ), “ the european union and its trade partners ”, www. europarl. europa. eu / factsheets / en / sheet / 160 / the - european - union - and - its - trade - partners 5 standard eurobarometer survey 92, autumn 2019. 2 / 3 bis central bankers'speeches 6 bergbauer, stephanie, hernborg, nils, jamet, jean - francois and persson, eric ( 2020 ), “ the reputation of the euro and the european central bank : interlinked or disconnected? ”, journal of european public policy, january. 3 / 3 bis central bankers'speeches