stalled or just paused? what is the appropriate institutional framework for an enlarged europe? these are questions best left for the historians and political scientists to answer. but one question is essential : can monetary union progress and survive without a full fledged political union? can we – to quote, otmar issing, my former colleague in the ecb's executive board – have " a currency without a state "? for me, like for otmar issing, the answer is clear : yes, we can. from the start, the european project has ventured into unchartered territory. we have created an institutional framework without any historical precedent and model. this is especially true for monetary policy, where we have transferred the decision making powers to a supra national entity. in that sense, monetary union in itself has a clear political dimension. this was only possible because euro area members had achieved a high degree of convergence in attitudes and preferences. it also happens that, in all countries in the world, central banks have been made independent in the last decades, and monetary policy has been, as a consequence, depoliticised. this was seen as a necessity to ensure price stability. from that point of view, the euro is no exception and the ecb's mandate is similar to those of other central banks. so, monetary union in europe is well grounded, both on its technical and political pillars. actually, the euro to day seems to me the main driver for european integration. it exists. it is a success. the institutional process is working smoothly. sharing the same banknotes and currency has given european citizens a strong sense of common identity and joint destiny. and those who worried that monetary union would impede growth in europe should be comforted by our recent record. europe's growth rate to day is equal – or higher – to the us. in the six years since the creation of the euro, twice as many jobs have been created in europe as compared to the us economy. admittedly, we are lagging behind in terms of productivity growth, innovation capacity and market flexibility. but there is nothing which cannot be corrected provided the necessary policies are implemented with determination and continuity. this is why, looking beyond the current difficulties, i feel very optimistic. and the reason for this optimism is the euro. the single currency has the potential to bring enormous benefits to european nations, which they can use to achieve a high degree of stability and prosperity, in the interest of all countries in the

might be. and all the signs have been pointing to a slower growth trend. you may have had destiny ’ s child — beyonce — turned up too loud to spot the signs, but they have certainly been there. slow trend growth and low r - star in the current global context presents certain challenges to monetary policy, another topic for a future day. in everything that we do, we need to consider all the information, and exercise data dependence and flexibility, as we navigate the course ahead. 1 see john c. williams, interest rates and the ‘ new normal ’, remarks to the community banking in the 21st century research and policy conference, st. louis, missouri ( october 5, 2017 ), and kathryn holston, thomas laubach, and john c. williams, measuring the natural rate of interest : international trends and determinants, 3 / 4 bis central bankers'speeches journal of international economics, volume 108, supplement 1, pp. s59 – s75 ( may 2017 ). 4 / 4 bis central bankers'speeches