prohibition on monetary financing are essential for euro area integration this condition of de facto political union raises questions about the proper role of the central bank in emu. the ecb is very much in the focus at the moment. some observers call for it to play the role of a “ national ” central bank like the federal reserve or the bank of england, and emulate their policies. but these viewpoints are partial. they overlook what is my third bis central bankers ’ speeches proposition : that the treaty prohibition on monetary financing by the ecb, over the medium term, is a force in favour of euro area integration and greater stability. the positive effects of the ecb ’ s policies are fairly obvious in the case of the banking sector. our standard and non - standard measures ensure price stability in the euro area. while our standard measures signal the monetary policy stance, our non - standard measures ensure the transmission of the desired policy stance to the real economy in those market segments in which the transmission is impaired. our non - standard measures ensure that despite increased liquidity demand, financial institutions are able to continue lending to clients. however, misconceptions persist related to the securities markets programme, our programme for intervening in government bond markets. the smp deliberately addresses the appropriate transmission of our monetary policy to the real economy in market segments which are impaired. government bonds are crucial for the transmission of monetary policy, via their status as a benchmark for borrowing by banks. put simply, left unaddressed, the malfunctioning of sovereign bond markets ’ could block the bank lending channel. an important difference with quantitative easing programmes is that the liquidity injected into the banking system via the smp is sterilised by the ecb through regular liquidity absorbing operations. the ecb has been widely recognised as an institution capable of timely, decisive and convincing action during tumultuous times. we see this as a mark of distinction. however, it would be erroneous to derive from this that it should be a political institution in charge of running the euro area economy. it cannot be and should not be. the ecb is a central bank, committed to its mandate to preserve price stability over the medium term. it is not the fiscal lender of last resort to sovereigns. markets participants that call for the ecb to play this role may care only about the nominal value of their assets and the need to avoid losses. whether or not the underlying asset – our currency as store of value

mario draghi : inauguration of the new ecb premises speech by mr mario draghi, president of the european central bank, at the inauguration of the new ecb premises, frankfurt am main, 18 march 2015. * * * deputy minister president mr. al - wazir, lord mayor mr. feldmann, former president of the ecb, dear jean - claude trichet, fellow and former members of the governing council, former lord mayor, mrs. roth, honorary citizen, mr. von metzler, head of the jewish community, mr korn, heir of the grossmarkthalle architects, mr. elsaesser, and mr. prix, the famous architect of our new house ladies and gentlemen, i am delighted to welcome you all today to the inauguration of the new european central bank headquarters. creating our new home is a project as old as the ecb itself. it began in 1998 with the search for a suitable site. in 2001 we found that site here at the grossmarkthalle. a year later, an international competition was launched for the best architectural design, which was eventually won by wolf prix and his team. and in may 2010 the foundation stone was laid and the main construction works started. many people, some of them here today, have worked tirelessly over this period to make this project a reality. i would like to thank everybody involved for such tremendous work. the euro, our single currency, has become the most tangible symbol of european integration – a piece of europe accessible and valuable to each and every one of us. this building will inevitably become known as the “ house of the euro ”. it provides a sound foundation for the ecb to pursue its mandate of maintaining price stability for all euro area citizens. in that sense, the building is a symbol of the best of what europe can achieve together. but it is also a symbol of why we can never again risk to split apart. we are standing here today in what used to be frankfurt ’ s former wholesale fruit and vegetable market, a state - of - the - art functional building from the 1920s that has largely been preserved and incorporated into the new structure. between 1941 and 1945, more than 10, 000 jewish people from frankfurt and nearby were deported from here to the concentration camps. a memorial on the east - side of the building has been built to remind us, and those who come after us, of deeds that cannot and must never be forgotten. an integrated, democratic and peaceful europe was