this parliament has found ways to push europe forwards before, and i trust you will do so again. the future of europe is in your hands. thank you for your attention – i look forward to your questions and to engaging with you throughout what will be a decisive period for europe. 1 ecb ( 2024 ), " changes to the operational framework for implementing monetary policy ", ecb, press release, 13 march. 2 ecb ( 2024 ), " statement by the ecb governing council on advancing the capital markets union ", 7 march. 4 / 5 bis - central bankers'speeches 3 eurostat and european commission ( 2024 ), " the future of european competitiveness : a competitiveness strategy for europe ". 4 approximation based on eurostat, ecb, and oecd data. 5 / 5 bis - central bankers'speeches

jurgen stark : monetary, fiscal and financial stability in europe speech by mr jurgen stark, member of the executive board of the european central bank, at the 11th euro finance week, frankfurt am main, 18 november 2008. * 1. * * introduction “ error repeats itself endlessly in deeds. therefore, we must repeat the truth tirelessly in words ” ( johann wolfgang von goethe ) ladies and gentlemen, i would like to thank the organisers for having invited me here today to share with you my thoughts on the prerequisites for economic, financial and price stability in europe. we are all aware that these are the most challenging times since the introduction of the euro nearly ten years ago. the financial crisis, which originated in the united states, has now spread across the globe. in so doing, it has greatly affected the outlook for short - term economic growth in europe and elsewhere. moreover, the need to address past macroeconomic imbalances has clouded the medium - term outlook for potential output growth not only for the united states but also for a number of european countries. persistently high current account deficits and excessive increases in house prices have not been limited to the united states but have also been characteristic in some euro area and many non - euro area eu countries. these imbalances will need to be corrected, suggesting that a period of slower economic growth may lie ahead. the correction of macroeconomic imbalances will be orderly if, and only if, macroeconomic policy - makers retain a medium - term to long - term focus. in particular, the prevention of future crises needs to receive at least as much attention as short - term crisis management. in addition, all monetary and fiscal policies need to remain committed to their respective medium - term objectives, i. e. price stability and sound public finances. this was, is and will remain the best contribution monetary and fiscal policies can make for financial stability. however, although sound macroeconomic policies are only a necessary condition for a functioning market economy and for economic and financial stability, they are clearly not a sufficient condition. this insight is hardly new but seems to have been forgotten to some extent over time. it was most clearly expressed in walter eucken ’ s famous book principles of economic policy ( grundsatze der wirtschaftspolitik ), which laid the intellectual foundation of germany ’ s economic model after the second world war. this book has been a constant source of inspiration throughout my career. eucken ’ s main insight