out that “ it ’ s not the main thing of the report ”. viii but shared private funding, through the savings and investment union, is of the essence. as emphasised by gita gopinath, first deputy managing director of the imf, most governments need to undertake a “ strategic pivot ” ix and focus their efforts on structural policies to meet the major challenges of growth in the coming years. 3 ) “ central banks should only talk about monetary policy ” should central banks only talk about monetary policy? actually not, for several reasons. in europe – including at the bundesbank and the banque de france –, there is a long tradition of central banks freely providing their expertise on economic topics other than those strictly related to inflation or interest rates. thanks to the deutsche bundesbank, independence is a german heritage, which i cherish, and it is a great chance to have central banks ’ independent expertise. in today ’ s world where supply shocks are decisive and will be more and more frequent, x promoting structural policies is still more essential and in the interest of price stability. as central bankers, we are not the decision - makers here, this is up to governments. but it is our duty to help keep supply - side reforms at centre stage, all the more so since political authorities are at present often weakened, as they are unfortunately more subject to strong short - term and domestic pressures. central banks have built their credibility on monetary policy through decades of tenacious action and communication. they must now sometimes use this credibility to call beyond monetary policy, as price stability and financial stability will also depend on broader economic levers. if we do not defend open trade, with fair rules, who will? or if we do not plead for more financial integration in europe, who will? * * * this is why joachim nagel and i want to issue now, here in frankfurt, a common call. by doing so, we also echo konrad adenauer, who was chancellor from 1949 to 1963 : “ when everybody else thinks it ’ s the end, we have to begin ”. thank you for your attention. international monetary fund, world economic outlook, 22 october 2024 : in the euro area, gdp per capita growth is expected at 0. 5 % in 2024 and 1 % in 2025, compared with 2. 3 % and 1. 7 % respectively on the other side of the atlantic ii monetary policy decisions, ecb press release, 17 october 2024.

iii ecb macroeconomic projections for the euro area, september 2024. i villeroy de galhau, f., a monetary policy perspective ( i ) : three lessons from the recent inflation surge, speech at the new york university, 22 october 2024. v lagarde, c., statement at the fiftieth meeting of the international monetary and financial committee, imf annual meetings, 25 october 2024 vi eurostat, euro indicators – second quarter of 2024, 22 october 2024. vii draghi, m., the future of european competitiveness, report published on 9 september 2024 viii the future of european competitiveness : a conversation with mario draghi, bruegel institute, 30 september 2024. ix gopinath, g., a strategic pivot in global fiscal policy, speech at the central bank of ireland ’ s whitaker lecture, 18 september 2024. x villeroy de galhau, f., monetary policy in perspective ( ii ) : three landmarks for a future of “ great volatility ”, speech at the london school of economics, 30 october 2024. iv