public lecture at the oesterreichische nationalbank vienna, 6 october 2017 the euro area ’ s monetary policy in the context of economic recovery speech by francois villeroy de galhau, governor of the banque de francei press contact : clara martin ( + 33 1 42 92 98 75 ; + 33 6 74 83 32 38 ; clara. martin @ banque - france. fr ). page 1 sur 8 ladies and gentlemen, i would like to thank the oesterreichische nationalbank and my friend governor ewald nowotny for having invited me today. a little more than one year ago, the full governing council of the ecb celebrated in this very place the 200th anniversary of the oesterreichische nationalbank ( oenb ). today, your country is on the eve of important national elections. throughout history, vienna has been one of the centres of europe, and austria a country that we love : on a more personal note, i am indebted to austria for enabling me to improve my german during a lengthy stay in graz, styria, over 40 years ago. and the austrian economy has been a strong performer in the euro area : a low unemployment rate of just 5. 6 % in august 2017, against 9. 1 % for the euro area as a whole. you are the proof, along with other countries, that our common european social model is compatible with economic success. today, you have invited me to speak about euro area monetary policy in the context of economic recovery. the prospect of a possible normalisation of our monetary policy gives rise to expectations and somewhat unduly to concerns. to be frank, this very gradual normalisation has already started. i will begin by focusing on the progress that our accommodative monetary policy has already achieved, before talking about prospects for the future, and then come to the necessary completion of non - monetary tools in europe. * * i. the progress that we have already achieved economic recovery in the euro area is here [ slide ]. it is robust and broadly based across countries and sectors. our latest ecb forecasts ii confirm this : growth should stand at 2. 2 % in the euro area in 2017, that is, a significant upward revision of 0. 3 point compared with june ’ s forecast of 1. 9 %. this means that for the second consecutive year, euro area growth will be page 2 sur 8 comparable to that of the united states. and,

jean - claude trichet : cultural days of the ecb – netherlands 2010 – interview in special edition of frankfurter allgemeine zeitung interview with mr jean - claude trichet, president of the european central bank, in special edition of frankfurter allgemeine zeitung ( faz ), published on 10 october 2010. * 1. * * what do you spontaneously associate with dutch culture? was verbinden sie spontan mit der niederlandischen kultur? for me, dutch culture is impregnated with the openness and modernism that derive from the netherlands ’ history and that characterise dutch society in so many respects. pushing boundaries and exploring new avenues are key components of dutch society and culture. and these elements very often find their strongest expression in the field of the arts. modern dance, architecture, design, literature and cinematographic production are just some of the many artistic disciplines in which dutch creativity excels. i am particularly happy that all these disciplines – together also with high - profile musical and theatrical performances – are central to this year ’ s programme of the cultural days of the ecb, which has been developed in close cooperation with de nederlandsche bank. and, of course, one cannot talk about dutch culture without recalling the significance of the dutch golden age in european history and arts. 2. what role do the arts and culture play for your personal “ well - being ”? welche rolle spielen kunst und kultur fur ihr personliches wohlbefinden? arts and culture are fundamental in understanding our roots and history, but they are even more important in helping us to deepen our knowledge and understanding of each other. in our increasingly complex and rapidly changing world, such understanding is essential if we are to address global challenges efficiently. and i find it fascinating to see how much new technologies have facilitated our access to the world ’ s immense cultural and artistic heritage. on a more personal note, i have always had a very strong interest in poetry and literature, and i am also very fond of music and stage performances, such as dance, opera and theatre. 3. what are you especially looking forward to this year? worauf freuen sie sich in diesem jahr besonders? each edition of the cultural days of the ecb is unique and has its own spirit. it is the sheer variety of events that always amazes me. and it is a repeated