or the continuation of the same contribution forever. second, we in europe share a large single market. it is a tremendous asset which belongs to us all, the 27. it is no coincidence that access to the single market lies at the heart of the brexit debate. we cannot prejudge the outcome of the future negotiations, but we can be sure of one consistency principle : access to the single market must continue to go hand - in - hand with strict acceptance of all its rules. there can be no cherry - picking or free - riding. and we must obviously preserve the single european trade policy, if we want to exist in the trade negotiations to come worldwide. third, we share a common social model ( slide 2 ) which combines high standards of public service and relatively low levels of inequality – much lower than in american society. and this has been achieved in a market economy. at a time when globalisation may leave many behind in advanced economies, page 4 sur 8 when the debate about inequalities is coming back to the forefront – and these are real challenges behind the populist wave –, now is not the moment to give up on our social model. but this ambition must be clear - sighted : in some countries like france and italy, the high cost of the model and its disappointing performance in terms of growth and employment calls for an acceleration in reforms in the right direction ( slide 3 ). several european countries, including germany and spain, are showing the way forward : they have succeeded in carrying out wide - reaching reforms that are compatible with our shared social model. progress has been made in all four key areas : enterprise, employment, education and expenditure reduction. and these reforms are delivering results today : in recent years, gdp and employment have grown much faster in the “ reforming ” countries, than in france or italy for instance. ii. beyond our existing assets, we in europe must put our joint energies into mastering our common destiny. europe needs all member states to play their part in the common effort. it needs france, as well as spain and its constant european commitment. for this to be a success, projects for strengthening europe have to be carefully selected and prioritized ; and we must not only talk about them, we must give ourselves the practical means to achieve concrete results. in a nutshell : “ few, well, till the end ”, or in spanish if i may, “ poco, bien, hasta el final ”. there are of

of inflation, in other words to the risk of losing in value as a result of rising prices for goods and services. apart from this, however, central bank money is practically risk - free. 4 in switzerland, central bank money is created by the swiss national bank. whenever, for example, the snb purchases foreign currency or swiss franc denominated securities from a commercial bank, it credits the amount paid to the sight deposit account of the bank concerned in swiss francs. if the snb wants to reduce the amount of central bank money, also known as the monetary base, it can conduct transactions in the opposite direction. it then sells foreign currency or swiss franc denominated securities to banks and charges the corresponding amount to their sight deposit accounts. the snb is thus in a position to either increase or decrease the monetary base in accordance with its monetary policy goals. the breakdown of the monetary base into banknotes in circulation on the one hand and sight deposits held by banks at the snb on the other is determined by public demand for banknotes. if you, ladies and gentlemen, withdraw more money than usual before christmas to do your christmas shopping, the volume of banknotes in circulation increases, only to decrease again after christmas when the money taken in by the shops flows back to the snb via the commercial banks. banks can, through the snb, exchange banknotes against sight deposits and vice versa. they thus have access to both banknotes and a sight deposit account in switzerland, central bank money as defined by the snb comprises banknotes in circulation and the sight deposits held by domestic banks at the snb. the federal act on currency and payment instruments ( cpia ) requires unrestricted acceptance of swiss banknotes as payment, and unrestricted acceptance of sight deposits with the snb as payment by anyone holding an snb sight deposit account ( art. 3 cpia ). residual risks are currency reform, settlement disruption in the payment system, and the possibility of banknotes being lost or stolen. page 3 / 12 at the snb, while the public has access to banknotes only, since private individuals cannot hold an account with the snb. sight deposits are used by banks for cashless interbank payment transactions. payments between banks – or their customers – are effected via the swiss interbank clearing ( sic ) system and result in the reallocation of sight deposits across the participating banks ’ accounts at the snb. moreover, banks are obliged to fulf