about europe : we also have to ask ourselves if the integration process is delivering as much and as well as expected. making the case for acting together is, after all, only one half of building support for the european project. the other half is to do it well. and this is where the other key insights of the monnet method are essential. 3 / 5 bis central bankers'speeches if we listen to what citizens in europe are saying, there are three areas where improvements are needed. the first is to provide clarity of purpose to the european project. what citizens seem to be asking for is a clearer sense of what the eu is for and how it benefits them – that is, how it expands their life choices and empowers them. the second is to ensure delivery. if eu citizens are to endorse the notion that common action can improve their lives, they have to see that in areas where the eu does act, it is effective. and this requires, in areas of eu competence, that powers are delegated to the union that allow it to do its job properly. in several instances, however, we have launched “ half - built houses ” – common projects with an incomplete transfer of powers. this shifts expectations onto the eu only for it to lack the instruments to fulfil them. yet it is also clear that legitimacy for eu action comes not only from delivery – it also requires a proper democratic process that allows decisions to be challenged. and this leads to the third area : even where the eu succeeds in delivering its objectives, there is a sense that citizens would like to feel more in control of the process. put another way, it is not enough for the eu to give people more control over events. people also need to feel in control of its policies. in different ways, each of these three areas for improvement map onto the principles that jean monnet laid out. for example, if there are questions today about the eu ’ s clarity of purpose, then one answer is to be more rigorous in how we apply the principle of subsidiarity when considering future steps towards integration. as monnet said, “ we need a europe for that which is essential … a europe for what nations cannot do alone ”, 9 because this ensures that eu action always augments that of the member states – and makes it clearer to citizens how joining together adds to their lives. so the union should only act in areas where it can meet a clear need of citizens and where it can provide

we have common rules to prevent a race to the bottom on standards. and we have a common currency that prevents competitive devaluations. the eu and the euro are not incidental to our prosperity, in other words. they are the vital ingredients that protect our single market and thereby safeguard our way of life. and what is true internally can also be true externally. it ’ s clear that cooperating within europe gives us a stronger voice in negotiations with other countries, as we saw for example during the paris climate talks a few years ago. and, in a world where multilateralism is under threat, working together as a union becomes even more important – it is the only way for middle - sized countries to stand up to large regional players and defend our common interests, including by setting standards to protect our privacy and our data, for example. collectively, the eu accounts for 22 % of global gdp3 second only to the united states, and eu trade makes up 17 % of world trade, compared with around 14 % for the united states. it ’ s plain to see that this gives us more weight on the world stage than any country acting alone, if only we can together leverage our collective market force. so we have a huge potential, as europeans, to build on this external side of our community. this does not mean compromising our european values of inclusiveness and international cooperation. it means being open to the world but confident in ourselves ; being friendly to all, but ready to protect our interests when necessary. conclusion so is such a europe possible? i have every confidence that it is. we have new presidents in all the main eu institutions who, i believe, understand this moment and the need for europe to step up. all european leaders see that the world around us is shifting and demanding that we reset our ambitions. but if we are to move forward, the impetus needs to come from the bottom up as well as the top 3 / 4 bis central bankers'speeches down. european integration must be grounded in the assent of its citizens. that brings me back to frankfurt and this region. i truly hope that cities like this one – that have always taken the lead in european cooperation – can support this process and imbue it with the renewed energy it needs. if so, the start of this new decade could be a moment when a new european character emerges – a moment when we recapture the pioneering spirit that led this region to become a centre of european trade, of european finance and