mario draghi : welcome address " into the future : europe's digital integrated market " opening remarks by mr mario draghi, president of the european central bank, at the joint ecb and european commission conference " into the future : europe's digital integrated market ", frankfurt am main, 31 january 2017. * * * it is a pleasure to welcome you here today to this joint ecb and european commission conference on europe ’ s digital integrated market of tomorrow. the conference title invites us to look to the future : to a european financial market which is both integrated and digital. it is indeed fitting that these two elements are considered together. in a world of increasing digitalisation, our overarching aim of promoting financial integration at the european level is necessarily set against a backdrop of ever more sophisticated technology and innovation. capital markets union and post - trade integration first, let me say a few words on financial integration, which is a focal point for two of our panels today. promoting european financial integration is – besides the primary objective of price stability – a key objective of the eurosystem. it is essential for a well - functioning single currency. indeed, you can see financial integration and the single currency as two sides of the same coin : one basic motivation for the single currency was to maximise the benefits of the single market for capital. conversely, it was understood that integrated financial markets would be necessary for an effective single currency. and financial integration is not something we can take for granted. as we saw in the financial crisis, incomplete financial integration creates vulnerabilities and is liable to fragment. it is the quality of financial integration which is key. with the banking union, we are laying the foundations for a more complete financial integration in the future. but to be fully comprehensive, a single financial market must also extend to capital market integration. with this in mind, i am pleased that mr olivier guersent, who has kindly agreed to replace mr valdis dombrovskis, vicepresident of the european commission, is here today to update us on the status of the commission ’ s work on the capital market union and outline the issues at stake. the ecb welcomes the capital markets union project. it has the potential to complement the banking union, strengthen economic and monetary union and deepen the single market : to provide, together with the banking union, the preconditions for a more sustainable financial integration in the future. the eurosystem has laid some of

jean - claude trichet : the crisis and beyond ceremonial address by mr jean - claude trichet, president of the european central bank, at “ 100 years of confindustria ”, parma, 10 april 2010. * * * signor presidente del consiglio dei ministri, signor presidente della regione emilia - romagna, signora marcegaglia, autorita, signore e signori, ho dinanzi a me “ l ’ italia che lavora e che produce ”, come ebbe a scrivere luigi einaudi, salutando il primo embrione di confindustria. [ translation : i have in front of me “ all of italy who work and produce ”, as luigi einaudi wrote to greet the first embryo of confindustria. this refers to an article written by l. einaudi ( one of the fathers of the public finance literature, later governor of the bank of italy, and first president of the italian republic between 1948 and 1955 ), published by corriere della sera on 5 may 1910. ] i cannot deny that i go back to those early days of the past century with some pride. as you know, a frenchman, louis bonnefon, christened your centenary association in 1910, as he became its first chairman. he had descended the alps from lyon to neighbouring piemont – not a long journey, geographically or culturally. he had become a respected entrepreneur in the textile industry. in that region, he had encountered a brewing milieu of industrialists, ready to go from craftsmanship to a new, modern, model of industrial organisation. he found that this new generation of industrialists was inspired by a deep sense of pragmatism. they had a strong talent for a scientific organisation of labour and capital, an acute taste for innovation. they were highly appreciative of technical education – in a country in which “ la formazione umanistica ” was considered the most dignified level of knowledge. they found personal fulfilment in collective progress. these people were the first affiliates of confindustria, when confindustria was founded in the wake of the global financial panic of 1907. at the time – with a sharp contraction in the volume of bank credit – it was necessary for the nascent industrial milieu in northern italy to establish a common strategy. italy, where equity capital traditionally had been scarce, was highly