##desbank, the potential macroeconomic impact of us tax reform, monthly report, february 2018, pp. 14 – 16. 9 / 10 bis central bankers'speeches 8 see g. felbermayr ( 2018 ), beobachtungen zur us - leistungsbilanz, ifo schnelldienst 9 / 2018. 9 g. felbermayr ( 2018 ), zolle im transatlantischen handel : worauf, wie viel und wie gerecht?, ifo schnelldienst 6 / 2018, p. 8. 10 see l. cernat, d. gerard, o. guinea and l. isella ( 2018 ), consumer benefits from eu trade liberalisation : how much did we save since the uruguay round?, european commission, dg trade, chief economist note, no 1. 11 quoted in n. doll, “ protektionismus und abschottung haben keine zukunft ", www. welt. de / wirtschaft / article181410812 / bdi - kritisiert - regierung - protektionismus - und - abschottung - habenkeine - zukunft. html, 4 september 2018. 12 c. fuest ( 2018 ), der dritte systemwettbewerb, frankfurter allgemeine zeitung, 27 july 2018, p. 18. 13 see deutsche bundesbank, on the weakness of global trade, monthly report, march 2016, pp. 13 – 35. 14 see deutsche bundesbank, the realignment of the chinese economy and its global implications, monthly report, july 2018, pp. 39 – 56. 15 f. a. von hayek, inaugural lecture on 18 june 1962 at the university of freiburg. 16 j. - c. juncker, state of the union 2018 – the hour of european sovereignty, speech given on 12 september 2018. 17 c. fuest, ein europaischer wahrungsfonds muss die steuerzahler schutzen, wirtschaftswoche, 15 december 2017, p. 68. 18 see f. heinemann ( 2018 ), how could the stability and growth pact be simplified?, european parliament, in - depth analysis, euro area scrutiny. 19 k. r. popper, the open society and its enemies

principle of liability and the primacy of foreign exchange policy. otmar issing made it clear in an interview : " whoever voices concerns about the spread of centralism and interventionism is branded a bad european. but the reverse is true. " 2 economic prosperity and a stable currency are key to ensuring backing for the european project. and a europe that can find the answers to the burning questions of the hour – a europe that can add real value to the lives of its citizens – will also find backing and support. i would like to go into a little more detail about this outlook with you today. in particular, i will highlight globalisation and technological progress, international trade policy and competition with china as current challenges before moving on to discuss the role of the eu and reform steps for 1 / 10 bis central bankers'speeches the euro area. but i ’ d like to start by taking a brief look back. 2 ten years after the financial crisis over the past few days and weeks, a slew of media reports have reminded us of the events of ten years ago, when the financial crisis came to a tumultuous head with the collapse of lehman brothers. many observers regard this as the climax of the crisis, which was followed by a global recession in 2009. in terms of severity, there was no precedent for such a downturn in post - war history. in the euro area, the financial crisis later coalesced with the sovereign debt crisis. what ’ s more, the unemployment rate peaked at 12 % in mid - 2013. the rate has since fallen to 8. 2 % – but this is not a value that we can content ourselves with. the member states hit especially hard by the crisis have made huge strides : they have reduced new government borrowing, cut their current account deficits, improved their competitiveness and implemented structural reforms. take greece, which, in 2008 - 09, had a vast current account deficit and a gaping hole in its general government budget – both of which reached 15 % of gdp. last year, however, the current account was broadly balanced and a surplus was even recorded in the general government budget. all in all, five countries received financial support via assistance programmes with conditions attached. a month ago today, greece was also the last of these five countries to cast off the status of " programme country ". greece ’ s exit from the adjustment programme marks an important milestone. but it would be premature to think of the crisis as over and done with. as i