peter praet : interview in bdp revista, staff magazine of bank of portugal interview with mr peter praet, member of the executive board of the european central bank, in bdp revista, staff magazine of bank of portugal, conducted by ms isabel arriaga e cunha on 18 june 2018 and published on 2 november 2018. * * * europe is celebrating the 20th anniversary of the european central bank ( ecb ), and in a few months the 20th anniversary of the euro. what do you think are the main achievements and successes of these 20 years? 20 years ago the responsibility for monetary policy was entrusted to a new european institution with the mandate of maintaining price stability. this was a major step forward in the process of building an ever - closer union among the peoples of europe. we are a european institution that has been capable of deciding and acting in good times as well as in very challenging times. this is a remarkable achievement from an institutional point of view. and we have fulfilled our mandate in very difficult times – despite the financial and economic crises during the last decade. the euro is a stable and safe currency. we see with 74 % in the eurobarometer the highest approval rating for the single currency since 2004. that is quite remarkable, even more so as there are strong political forces challenging european integration. so, you see the ecb as having lived up to its responsibility so far? the ecb has had three presidents over 20 years. there have sometimes been differences. this is quite normal within a decision - making body of today 25 members, but the governing council has always enjoyed a strong sense of collegiality. we are all fully committed to fulfilling our mandate and are always open to debate and each other ’ s ideas. this is why the ecb has always had the ability and the willingness to act, whenever it was needed and within its mandate. so, back to your question : what are the main successes of these 20 years? the euro was created, because the single currency is a necessary condition for the completion of the single market. this remains true, but you need more than the single currency for the single market to function properly : once you have a single currency with a single market with free mobility of labour, goods and services, you are urged to reach a higher degree of political integration. there is a need for more european integration. this integration can take time, it will not come overnight, but each politician should keep in mind

lives. for men, this seems to be less complicated as their participation in household tasks is far less than that of their female partners. in my opinion, however, decisions to sacrifice a professional career for family life are not the prerogative of women alone – men have to make these decisions as well. if family life does not impede men from pursuing a successful career, then it should not prevent women either. i believe that today, both men and women should bear the responsibility of earning the household income and share the family responsibilities. together, they should make choices and decisions on how they will organize their family life while pursuing professional careers. bis central bankers ’ speeches ladies and gentlemen, as already noted, female labor force participation is heavily determined by female education and cultural attitudes. other factors that influence women ’ s decision concerning whether to work or stay out of employment include flexible working arrangements, the tax system, the availability of childcare facilities, and access to public transportation. both the government and employers can address these issues and, hence, improve female participation. in the area of education, we need more public investment in education and training to reduce the qualitative mismatch between demand and supply in the labor market. the investments in human capital must be targeted towards our youth as well as the unemployed population. in addition, our education and training system should focus not only on the labor force in those sectors where our economy has a competitive advantage, but it should also focus on creating a skilled labor force that can attract knowledge - based industries and services companies, particularly in high value - creating activities. education is not only important for those entering or returning to the labor market, but it also determines the extent to which those already working can keep their jobs and advance their careers in a constantly changing and competitive environment. in this context, both government and employers can stimulate on - the - job training and lifelong education. employers should consider their workforce as an asset. investing in on - the - job training and lifelong education for their employees increases job satisfaction and productivity. given the productivity gains to be had, the government can stimulate on - the - job training and lifelong education through, for example, tax incentives. another important determinant of female labor force participation is the possibility of flexible working. flexible working can offer a wide range of options including part - time working, flexible hours, and working from home. flexible working has several benefits for employers. first, it helps retain staff and reduces absenteeism. second