; everyone has expressed themselves legitimately – i have explained my own reservations on one part of the package – ; but the decisions were taken equally legitimately, and they provide clarity well into the future. have no doubt : we are committed, and the whole package will be implemented. we must now look resolutely forward, with three strong elements of consensus around mario draghi today and christine lagarde tomorrow : we have to maintain an accommodative monetary policy in the face of the economic slowdown and low inflation. second, a review of our monetary policy framework in this environment will be very welcome. and third, it is very desirable that fiscal policy now prolongs this monetary support, wherever that is possible in europe. it is time to turn the page, and turn to the future. iii. the euro area has more policy room than others in the non - monetary domain, but under - uses it. monetary policy can no longer be the only game in town. central banks – including the ecb – cannot perform miracles. this paradox is either painful or promising … or both : the euro area has more leeway than the us or the uk, but until now has been much less inclined to use it. this has two dimensions [ slide ]. 1 / the euro area has a lower level of public debt ( 85 % ) than in the united - states ( 104 % ) or the uk ( 87 % ), it has the lowest sovereign interest rates – even often negative –, but it uses fiscal stimulus significantly less. it should now exploit its fiscal leeway where available – especially in germany – to support cyclical stabilisation, and long - term growth. there is also room to increase wages in countries which have full employment and external surpluses. and it is essential to choose quality expenditure, starting with investment. in this respect, i welcome the announced creation of a dutch investment fund targeted to projects in infrastructure, digital, or climate transition. its magnitude could be up to 7 % of gdp : this is food for thought if we transpose this order of magnitude at the european level. private debt – which stands at about 119 % of gdp – is also significantly lower in the euro area compared to the us ( 148 % ), uk ( 152 % ) or japan ( 152 % ). but of course, the “ lower for longer ” environment requires increased vigilance on financial stability. the imf just stressed it in its latest “ radar ”

, but there is still a great deal left to do. these projects are good for europe and good for its citizens. why? because if we achieve a capital markets union, supported by strong infrastructure, we will unlock funding across the european union, creating stronger businesses, economic growth and greater financial stability. it will make the eu a more prosperous place. this morning i have touched on issues that will be discussed in much greater depth during all three of today ’ s conferences. i would like to take the opportunity now to wish you all a very enjoyable day, with many thought - provoking discussions and seminars. just before i close, i would like to repeat what i said earlier this week in paris : that i am deeply shocked by those atrocious attacks. i, again, express my solidarity, my compassion, and my sincere condolences to the families and friends of the victims. i would also like to mention that we should shy away from drawing premature conclusions about whether the terror attacks will have any economic impact. we have no indication of any economic pessimism as a result of the paris attacks, let alone weaker hard data. doom - andgloom talk is not warranted at this stage. thank you. bis central bankers ’ speeches