has proven indispensable in conditions where monetary policy transmission is impaired or where space for interest rate cuts is limited. third, we have seen the importance of a strong accountability framework, particularly when central banks have to use new tools that are not well - understood by the public. central banks are powerful and independent, but they are unelected. this combination can only be squared if they are held accountable by elected authorities. in light of this, we have stepped up our efforts to improve our communication and strengthen our accountability in recent years. the governing council has started to publish the accounts of its monetary policy meetings. the ecb and the european parliament have increased the intensity and focus of their exchanges. 2 all this has provided us with more opportunities to explain our decisions and demonstrate how the ecb is acting in accordance with its mandate, which is a fundamental pillar of its legitimacy. the crisis has offered many lessons beyond monetary policy, too. the euro area entered the crisis with an incomplete institutional and regulatory framework, not only for the banking sector but also in other areas of economic policy. the creation of the banking union and the european stability mechanism has strengthened the ability of eu authorities to intervene decisively in future crises. reforms at national level, and the strong political commitment to the euro shown by european policymakers, were equally instrumental in strengthening the foundations of our common project. but the necessary changes took time, and it was time that the euro area lost in its recovery. our monetary union is now in better shape, but further progress can and should be made. as i had the opportunity to discuss during my regular hearing before the committee on economic and monetary affairs, and as your draft resolution points out, the priority now is to increase the resilience of the euro area. this would also strengthen the transmission of monetary policy in future downturns. 3 resilience depends on the euro area being able to use a broad policy mix involving monetary, fiscal, prudential and structural instruments. 4 conclusion let me conclude. the first two decades of the euro area have seen an evolution in the way the ecb conducts its monetary policy. faced with unprecedented threats to price stability, the ecb adapted its policy instruments to continue delivering on its mandate. we will continue to do so if and when needed, in compliance with our mandate as defined by the eu treaties, and with all the independence over our tools as defined by our legal framework. today, we can say that the euro area has emerged from

a crisis so severe as to threaten at times its existence. we are out of it, primarily because of the resilience, the energy, and the entrepreneurial capacity of european citizens, as well as their trust in their leaders ’ commitment to the euro. our policy response and the important changes to the architecture of the emu in the meantime also helped the euro area out of the crisis. in many ways we have a stronger monetary union today than we had in 2008. this is also reflected in the euro ’ s popularity among euro area citizens, which is currently at its highest level since it was introduced. but more work is still 3 / 4 bis central bankers'speeches necessary to complete the emu, so as to make it more resilient in the face of future crises. to deliver its full benefits, the european union requires permanent political commitment, at both national and european levels, and across policy areas. in this respect i can testify to the essential role the european parliament has played during the challenging years of the crisis. and i am certain that it will also be fundamental in carrying out the remaining work until the completion of the emu. the credibility of the ecb rests on its independence and this is based on its accountability with respect to its mandate, as enshrined in the eu treaties. the european parliament in holding the ecb to account gives legitimacy to its independence. and since this is my last hearing before this plenary as ecb president, let me thank all of you for how this process has been carried out during my mandate, for the valued interactions with you, and the opportunity you have given me to explain the ecb ’ s policies. thank you. 1 see hartmann, p. and smets, f., “ the first 20 years of the european central bank : monetary policy ”, ecb working paper series no 2219, december 2018. 2 see “ the evolution of the ecb ’ s accountability practices during the crisis ”, economic bulletin, issue 5, ecb, 2018. 3 introductory statement by mario draghi, president of the ecb, at the econ committee of the european parliament, brussels, 26 november 2018. 4 “ unemployment in the euro area ”, speech by mario draghi, president of the ecb, at the annual central bank symposium in jackson hole, 22 august 2014. 4 / 4 bis central bankers'speeches