in other words, we should aim to build a strong and deep economic and political union in europe, which would be to the benefit of all members of the single currency. as i said at the beginning of my remarks, today ’ s social question is not just a national one. it transcends borders. and this path – building a stronger union based on mutual trust – is the way to answer that question for europe. bis central bankers ’ speeches conclusion let me conclude by returning to the theme of cardinal reinhard marx – that the economy should be in the service of humanity. our common currency exists not as an end, but as a means. as nobel prize winning economist amartya sen has reminded us, our “ instrumental objectives – like the single market and monetary union – should not overshadow our social commitment to the well - being and basic freedoms of the people. ” 4 the euro is a means to foster peace between nations ; and a means to further our collective prosperity. in many ways, we have already achieved this. war among the countries of europe is unthinkable. we have integrated our nations and our markets. the ecb has overseen the longest period of price stability in post - war history. but there are also important ways in which we have not succeeded. the terrible economic hardship in some parts of the euro area is testament to this. so what we cannot afford now is to stay where we are. federal president joachim gauck recently called upon all of us to have more courage for more europe : “ what europe needs now are not doubters but standard - bearers. ” 5 we need to reinvigorate our social models by reforming our economies. and we need to harness the market mechanism in the service of humanity. in this way we can safeguard our primary capital, which is the human person in his or her integrity. thank you for your attention. sen, a. k. ( 1996 ), “ social commitment and democracy : the demands of equity and financial conservatism, ” in p. barker ( ed. ), living as equals. joachim gauck, speech on the prospects for the european idea, 22 february 2013. bis central bankers ’ speeches

development ”. we cannot have an economic model that allows excesses to go uncorrected, which relies exclusively on self - regulation of markets and in which individuals believe that “ anything goes ”. 1 ultimately, we must be guided by a higher moral standard and a profound belief in creating an economic order that serves every person. m. draghi “ non c ’ e vero sviluppo senza etica ” – articolo per “ l ’ osservatore romano ” del 9 luglio 2009 : “ la crisi attuale conferma la necessita di un rapporto fra etica ed economia, mostra la fragilita di un modello prono a eccessi che ne hanno determinato il fallimento. un modello in cui gli operatori considerano lecita ogni mossa, in cui si crede ciecamente nella capacita del mercato di autoregolamentarsi, in cui divengono comuni gravi malversazioni, in cui i regolatori dei mercati sono deboli o prede dei regolati, in cui i compensi degli alti dirigenti d ’ impresa sono ai piu eticamente intollerabili, non puo essere un modello per la crescita del mondo. ” bis central bankers ’ speeches here i find myself in the company of marx. not karl, but reinhard. cardinal reinhard marx has rightly insisted that “ the economy is not an end in itself, but is in the service of all mankind. ” and caring for the welfare of our neighbours is not only an ethical principle of the christian faith : it also makes eminent economic sense. no - one knows this better than the successful entrepreneurs of bavaria. interdependence is not just a catchword. the economic health of the countries around you affects us here and now. so these are the challenges facing european policy - makers today : how do we recreate confidence in the capacity of our economies to grow and generate prosperity so that they can ultimately serve the people? how do we shape our economic model so that it reconciles individual freedom and social justice? and how, as the european union, do we strike the right balance between the responsibilities of individual countries and those of the union as a whole