team spirit. the governing council, the executive board, the ecb staff and all the national central banks have proven their solidarity and unity under exceptionally difficult circumstances. it is because of this that we have been able, since the beginning of the period of financial turmoil, to make a prognosis which has turned out to be right and to take the appropriate decisions for the challenges we have faced. we took those decisions very quickly because we had to, without ever losing our course : that is to say price stability in the medium term, which is our primary goal. i believe that it is the ability of the governing council to strictly maintain its medium and long - term price stability strategy, whilst taking quick and, where necessary, unconventional decisions, which best summarises our management of the crisis. but we cannot afford to be complacent. we are still in a difficult situation which means we must always be on our guard. i have been in such situations myself many times, and it is very important to strictly maintain a long - term strategy at the same time as managing a crisis. for example, in my country in 1992 and 1993, as secretary of the treasury and governor of the banque de france, i had to pursue a long - term strategy of competitive disinflation at the same time as being faced with monetary crises in the european exchange rate mechanism. also, as president of the club de paris in the 80 ’ s and early 90 ’ s, we pursued a strategy of long - term debt whilst managing financial crises in the sovereign countries of latin america and africa, in particular. at the moment, my colleagues and i believe that one of the most important goals is to be an anchor of stability and confidence for our 330 million citizens in what is an extremely difficult period.

merkel : you have stood beside us unfailingly in the european council and in global forums, at a time when other major central banks have faced increasingly vocal political pressure. you have pushed back strongly against illiberal voices that would see us turn our back on european integration. and, at critical moments, you have taken the steps needed to safeguard the euro and protect the heritage that was left to us : a united, peaceful and prosperous europe. the time has come for me to hand over to christine lagarde. i have every confidence that you will be a superb leader of the ecb. my goal has always been to comply with the mandate enshrined in the treaty, pursued in total independence, and carried out through an institution that has developed into a modern central bank capable of managing any challenge. it has been a privilege and an honour to have the opportunity to do so. thank you. 1 see speech by mario draghi entitled “ europe and the euro 20 years on ” on accepting the laurea honoris causa in economics from the university of sant ’ anna, pisa, 15 december 2018. 2 see speech by mario draghi entitled “ twenty years of the ecb ’ s monetary policy ” at the ecb forum on central banking, sintra, 18 june 2019. 4 / 5 bis central bankers'speeches 3 speech by mario draghi entitled “ policymaking, responsibility and uncertainty ” on accepting the laurea honoris causa from the universita cattolica, 11 october 2019. 4 see speech by mario draghi entitled “ unemployment in the euro area ” at the annual central bank symposium in jackson hole, 22 august 2014. 5 average cyclically adjusted primary balance as a percentage of potential gdp. 6 see speech by mario draghi entitled “ sovereignty in a globalised world ”, on accepting the laurea honoris causa in law from universita degli studi di bologna, bologna, 22 february 2019. 7 speech by chancellor angela merkel to the european parliament, strasbourg, 13 november 2018. 8 speech by president emmanuel macron to the european parliament, strasbourg, 17 april 2018. 5 / 5 bis central bankers'speeches