stimulus, whereas europe has not. the united states is less restricted, fiscallyspeaking, and enjoys the privilege of the us dollar ’ s international position. the us was also able to restore the health of its financial sector at an earlier stage following the crisis. however, the eu is still the most powerful economic and trading area in the world, with enormous potential. it has also shown that it was able to recover from the crisis and create new employment after two recessions, particularly thanks to the measures taken by the ecb. a concerted fiscal stimulus at the euro area level would help speed up growth, which at 1. 1 % in 2020 and 1. 4 % in 2021 ( according to our latest projections ) remains below our potential, at least for 2020. what do you mean when you refer to a “ new policy mix ” for europe? it makes sense to use all of the tools at our disposal when it comes to increasing growth, which will also result in inflation moving towards levels close to 2 %. there are three elements to this policy mix : monetary policy, which has continuously been used to maintain price stability ; fiscal 1 / 4 bis central bankers'speeches policy, which should be used more often in order to support monetary policy in member states where possible ; and structural reforms to increase the growth potential within our economies. greater cooperation between competent authorities, without infringing on the independence of their roles, would make it possible to optimise the multiplier effects of their decisions. the ecb ’ s policy is pushing economic operators into debt. french public debt is now in excess of 100 % of gdp. should we be worried? although public debt is decreasing within the euro area, in france, it is increasing. this is a cause for concern, since it does reduce the room for fiscal manoeuvre in the event of a downturn in the economy. france needs to take steps to reduce its deficit and debt, while adopting a growth - friendly fiscal policy. other countries have managed to achieve this difficult task. i am confident that the french government will also be able to do so, particularly through structural reforms. in your role as managing director of the imf, you were often critical of germany ’ s surpluses. to what extent has this changed? primarily in terms of current account surpluses – but not just with regard to germany. such high surpluses in relation to gdp result in imbalances, particularly where a single currency is concerned.

benoit cœure : interview in el financiero interview with mr benoit cœure, member of the executive board of the european central bank, in el financiero, conducted by ms leticia hernandez moron, and published on 4 november 2015. * * * how can the financial system be kept stable amid divergent monetary policies? monetary policies in advanced economies are indeed set on different courses as a result of different positions in the business cycles. the united states is at a more advanced stage in the cycle compared with the euro area, where the policy is and will remain more accommodative. in view of the current volatility on the global financial markets, it is vital that these different paths are not in themselves a source of instability. i think the key word here is transparency. as central banks, we need to be as clear as possible about what we are thinking and heedful of the financial reaction. in the case of the ecb we introduced forward guidance in 2013, we have been very clear about the path of accommodative policy due to the economic situation, and we have been specific about the downside risks in the scenario, particularly at the ecb ’ s most recent meeting in malta. the governing council saw an increased risk that inflation would stay too low for too long, and concluded that additional monetary policy reactions could be warranted, should this risk materialise. thus transparency is the key word. what are the side effects of the ecb ’ s monetary policy outside the euro area? we are mindful of the impact of our decisions on the rest of the world, and in particular on neighbouring economies. but our mandate is limited to the euro area and in the end, the best contribution that we can make to the global economy, also to neighbouring economies, is to make europe as robust and stable as possible. how have you handled the effects of the monetary policy of the us? the decisions taken by the ecb are based on the region ’ s economic and financial situation and do not specifically follow any adjustment made in the united states by the federal reserve system or in any other part of the world. we ensure that the financial conditions in europe are appropriate for the economy. what measures have to be taken to manage the risks of greater global financial integration without losing the benefits that it brings? volatility is currently high in global capital markets, due to macroeconomic uncertainty and changing business models. in such an environment, policy