this. [ 12 ] investment in defence technologies is another. both are at the heart of the versailles declaration adopted by eu leaders in response to the new macro and geopolitical environment brought about by russia ’ s aggression against ukraine. the new world order also means that european economies can no longer rely on foreign demand as a “ fixer of last resort ”. in recent years developments such as trade wars have cast doubt on the excessive confidence shown in export - led growth. there are now calls for a more balanced growth model in which domestic demand has a greater role to play to stimulate growth in europe and public investment regains the necessary relevance in strengthening the domestic capital base and responding to shocks. research from the international monetary fund suggests that increasing public investment can significantly reinforce confidence and boost private investment during periods of high uncertainty. [ 14 ] and a new trend towards higher investment would support productivity and potential growth, helping to mitigate inflation over time. it could lead to higher neutral interest rates, reducing the likelihood that monetary policy is constrained by the effective lower bound. i would now like to focus on the contribution to public investment at the european level. european public goods investment at the european level makes sense when it can deliver more value than at the national level and is to be expected in policy areas where there are clear economies of scale or externalities and where europeans ’ preferences converge. this is typically the case for european public goods [ 16 ]. richard musgrave famously defined public goods as goods from which everybody benefits and where the benefits for one individual do not reduce the benefits for others. energy security, defence, the digital transition as well as technologies and infrastructure needed to protect strategic autonomy and underpin the single market are all examples of public goods at the european level. european policies can also make an important contribution towards global public goods, such as climate change mitigation. a lack of investment would ultimately affect all europeans and surveys show that there is strong public support for common european policies in areas such as energy and defence ( chart 2 ). chart 2 support for common policies in the eu share of eu population in favour of a common defence and security policy and a common energy policy ( percentages ) source : standard eurobarometer. note : the question in the standard eurobarometer asks “ what is your opinion on each of the following statements? please tell for each statement, whether you are for it or against it. [ a common defence and security policy among eu member states / a common energy policy among

offices it gathers and processes information on enterprises and individuals, and its statistical tasks expanded considerably in connection with the modernisation of the belgian statistical system, launched in 1994 ; in particular, since that time the bank has been responsible in particular for the foreign trade statistics and for compiling the national accounts. two key features are characteristic of the recent evolution of many central banks including our own : the banks have to contend with increased pressure of competition and they enjoy greater independence. these changes require us to modify our behaviour. most of our activities, be they connected with monetary policy or other functions in the public interest, are naturally affected nowadays by the establishment of monetary union, but also by the spread of new technologies and the concentration taking place in the financial sector. having long been sheltered from competition, the central banks, too, are now inhabiting a more competitive environment. while they still hold a monopoly on the issue of banknotes, notes are less and less predominant as means of payment. also, membership of the eurosystem is naturally encouraging a process of benchmarking and emulation among the various member central banks. the ethos of an enterprise such as ours has centred on optimum quality of service. this is an aspect of excellence which we must, of course, preserve. but at the same time, greater attention is required to the cost effectiveness of our service. the concern about our production costs is nothing new, but it has increased. under the maastricht treaty, the countries of europe also opted for the model of a european central bank alongside national central banks with a large degree of independence. according to this idea, once the central bankers have been appointed by the political authority - because, fortunately, they do not coopt themselves - they act to the best of their knowledge and belief, without seeking or accepting any instructions, in taking the decisions which they consider most appropriate for attaining the objectives assigned to them by the treaty on european union and the national laws. most people believe that such a system ensures the optimum credibility and effectiveness for monetary policy, in particular making it possible to keep interest rates relatively low. but this greater autonomy also entails greater obligations for us : we are aware of these and i shall pay particular attention to them. first, there is the obligation to be more conscientious than ever about ensuring objectivity and total impartiality in our analyses, decisions and recommendations. then there is the obligation to render regular and clear account for our actions, to be un