mario draghi : hearing of the committee on economic and monetary affairs of the european parliament introductory statement by mr mario draghi, president of the european central bank, at the econ committee of the european parliament, brussels, 24 september 2018. * * * mr chairman, honourable members of the economic and monetary affairs committee, ladies and gentlemen, it is a pleasure to be back at the european parliament before your committee. ten years ago, the euro area entered a severe recession. that crisis exposed structural weaknesses and forced us to address them. the work is not yet over, but we are reaping the benefits of our efforts : growth has been positive for more than five years, and the unemployment rate is at its lowest level since november 2008. in my remarks today, i will discuss the current economic environment and the role that the ecb ’ s monetary policy plays in it. at the request of your committee, i will also discuss central bank communication, which nowadays forms an integral part of monetary policy. the euro area outlook the information that has become available since my last visit in july broadly confirms an ongoing broad - based expansion of the euro area economy, which grew by 0. 4 % in the second quarter of 2018. despite some moderation following the strong growth performance in 2017, the economy continues to exhibit high levels of capacity utilisation, and labour markets are tightening with signs of labour shortages in some countries and sectors. this is reflected in the unemployment rate in the euro area, which stood at 8. 2 % in july. since reaching a trough five years ago, euro area employment has increased by about 9. 2 million. on account of the improving labour market and overall conditions, households ’ disposable income in the euro area is currently growing at the highest rates observed in the last ten years. higher income supports private consumption, which is expected to increase by 1. 5 % in 2018. these factors, together with business investment being fostered by the favourable financing conditions, rising corporate profitability and solid demand, continue to support spending. looking ahead, the latest ecb staff macroeconomic projections confirm the outlook for continued broad - based growth of the euro area economy. average annual growth is foreseen to be 2. 0 % in 2018, 1. 8 % in 2019 and 1. 7 % in 2020, with a slight downward revision for 2018 and 2019, mainly reflecting weaker global trade. risks surrounding the euro area outlook can still be viewed as broadly balanced, although the

jean - claude trichet : europe at the crossroads speech by mr jean - claude trichet, president of the european central bank, at a dinner on the occasion of the frankfurt european banking congress, frankfurt am main, 20 november 2003. * * * ladies and gentlemen, it is a great pleasure to speak to you tonight. this is a special occasion for me. it is the first time that i address - as president of the european central bank - the european banking community. as european bankers, you are of great importance for our work at the ecb and - if i may say so - the ecb is of relevance for your work. it is good to be here tonight with you and it is nice to see many familiar faces and good friends. thank you very much for the invitation. i am particularly grateful that this dinner takes place so close to my new home, frankfurt. please let me, in the presence of the mayor, mrs petra roth, express my gratitude and admiration to this city. as member of the ecb ’ s governing council and previously of the emi council, i have been coming to frankfurt regularly over the last nine years. by and by this city has become dear to me. it is a pleasure to see to what extent frankfurt accommodates its banking community. the city provides us with the amenities and attractions of a truly modern and international life. “ identify europe ” is the title of the congress that provides the occasion for our dinner tonight. it is a title which reminds me of essays that i had to write at school, such as “ characterise the renaissance ” or “ explain the rise of the roman empire ”. “ identify europe ” comes as an imperative - almost an order. it urges us to define what europe is about. there are, of course, many ways of approaching this question. we can define europe geographically, culturally, historically or economically. please allow me to reflect upon the issue from an institutional perspective. as president of the european central bank, i will interpret the term europe as the european union. thus, i will take the title of the congress as an encouragement to discuss the eu ’ s main characteristics. i think it is the right time to reflect upon the key features of the eu. europe stands at the crossroads. it needs to take the right decisions now in order to maintain its major qualities in the coming years. what are the main tasks facing the eu? first, the union needs to give itself an institutional foundation - a solid constitution -