the most competitive firms, aggregate labour productivity can increase substantially. some studies indicate a gain of as much as 20 – 30 %. the current focus on competitiveness in france, leading towards an institutional and fiscal set - up that can support firms ’ investment and innovation, is therefore a welcome step in the right direction. it would be particularly welcome if this improved in particular the functioning of labour market for young people, so that they can find a job. for the euro area, too, increased labour mobility across borders is crucial. we should see that the current institutional arrangements of the welfare state do not stand in the way of such mobility. the portability of entitlements across borders is a crucial pre - condition for such mobility and should be fostered. bis central bankers ’ speeches competitiveness and market integration another important aspect is the growth and competitiveness - enhancing potential of further market integration in europe. one example is a very recent study, which finds that applying the eu patent would raise the gains for european firms from patenting inventions by 60 %. furthermore, if all countries also adopted best practices, those gains would more than double. i quote this example to show that improving competitiveness in europe does not imply a race between euro area countries, but rather the exploitation of their comparative advantages in the single market and a global economy that offer far greater growth possibilities than each economy on its own. improving competitiveness by setting the conditions for boosting productivity is not about ranking : it is about raising the bar for each country to enhance its potential and use it. the policy challenge let me now conclude. we at the ecb have responsibility to maintain price stability. as part of this mandate, we acted to remove unfounded doubts about the irreversibility of the euro. this is a necessary condition for price stability and will help restore the stability and prosperity of the euro area. but it is not a sufficient condition : it is the responsibility of individual governments to adopt policies that ensure the full responsiveness of wages and prices, facilitating the efficient use of our large potential resources, thus revitalising growth. euro area governments have made significant progress, but their work is not yet complete. what i see in france, and in many other parts of europe, is a consensus that the erosion of competitiveness has to be reversed. this is meaningful. what i also see in france, and in many other parts of europe, is a growing debate on the best possible functioning of product and labour markets. this

and when to use them. our strategy review also sets out how we can contribute to tackling longer - term challenges that pose threats to price stability, in particular climate change. with this strategy, we are well placed to continue ensuring price stability in this fast - changing world. and that is especially important today in light of the phase of higher inflation we are seeing. we understand that rising prices are a concern for many people, and we take that concern very 1 / 2 bis central bankers'speeches seriously. but people can trust that our commitment to price stability is unwavering, which is critical for the firm anchoring of inflation expectations and for confidence in the currency. the whole governing council is united in pursuit of this goal. at the same time, one of the key strengths of the eurosystem is the way that it brings together different perspectives to form a consensus. our rich quality of debate and diversity of views ensures that our decisions are robust. in this respect, i shall certainly miss my times with jens. he has always been a very articulate voice on the governing council, presenting his views with precision and clarity. and he has embodied the best of the bundesbank tradition of faithfulness to the mandate. alongside the challenges of ensuring price stability, our institutions have cooperated intensively during his term. the bundesbank plays a crucial role in many eurosystem projects, for example acting as one of the three providing central banks of target2, and as a centre of digital financial innovation together with the banque de france. we have enjoyed an exceptionally fruitful working relationship over these past two years. jens, your steadfastness, your intellect, and your loyalty have been crucial to our successful management of the pandemic emergency. i wish you the very best in your next adventure. i now look forward to working closely with joachim in his new adventure as bundesbank president. joachim brings with him a rich expertise crafted by a career that spans the bis, kfw and, of course, 17 years with the bundesbank. so, while this ceremony marks a change of office, it also represents a homecoming for joachim. i am sure i can speak for all of us when i say : “ willkommen daheim, lieber joachim! ” it is great to have you back in frankfurt and again working to deliver on our mandate for europe. 1 i have recently shared my memories of the introduction of euro banknotes and coins back in january