benoit cœure : interview in ebra newspaper group interview with mr benoit cœure, member of the executive board of the european central bank, in ebra newspaper group, ( l ’ alsace, les dernieres nouvelles d ’ alsace, le republicain lorrain, l ’ est republicain, vosges matin, le bien public, le journal de saoneet - loire, le progres, le dauphine libere and vaucluse matin ), conducted by mr francis brochet and published on 11 september 2015. * * * can we have confidence in the growth in the euro area? yes. growth has returned and the unemployment rate is falling in the euro area. we can trust in the euro to protect us in an international environment where major emerging economies are experiencing a slowdown and financial markets are very volatile. the european central bank is protecting growth by clearly stating that its policy of very low interest rates and its asset purchases will continue for as long as necessary. but growth is still not strong enough to create a sufficient number of jobs. many people see the euro area as more of a straitjacket than a form of protection … sharing a currency is like living under the same roof – there must be common rules. these rules, for example regarding deficit and debt reduction, do act as constraints, but they also establish collective trust, making it possible to have very low interest rates and stable prices. if a country were to free itself from these rules, it would be completely unprotected and find itself alone in the face of the volatility of global markets. but joseph stiglitz, winner of the nobel prize for economics, recently said in this publication that the rules are too strict and that austerity kills growth … in economics, as in politics, it ’ s all a matter of degree. today, the euro area as a whole has a balanced approach to fiscal policy, and fiscal adjustment, which was necessary, is no longer hampering growth. as for france, there is still some way to go. greece is still in the process of adjusting. are you concerned about the result of the elections on 20 september? there is a fairly broad consensus among the governing parties and, i believe, the greek people that it is in the country ’ s interests to remain in the euro area, and that this requires adjustment efforts. that is the rationale of the programme adopted in august. wasn ’ t the

, health & educational services and the custodian of the two holy mosques ’ foreign scholarship program, which is considered as a long - term investment of human resources. the kingdom has maintained high sovereign credit ratings as assessed by global rating agencies for its financial solvency. the last rating was aa - awarded by standard & poor ’ s and fitch for long - term credit rating in national and foreign currency, with a stable outlook. confidence is still great and solid that strong growth and comprehensive development of the saudi economy will continue under the wise leadership of the custodian of the two holy mosques. the custodian of the two holy mosques is well - known for his concern about his citizens, and he is determined to closely follow up their needs, including reduction of poverty, supporting social security, approving salaries increase & cost of living allowance, confirming wage earners, addressing the housing issue, supporting specialized development funds, etc. and other decisions aiming at improving citizen ’ s living conditions, which he deems as the objective and tool of the development process. we pray to almighty allah that there will be many happy returns of this dear national occasion for years and years for the citizens of this country, hoping that the custodian of the two holy mosques and his crown prince will continue to enjoy full health and wellbeing, with the kingdom enjoying security and stability, to continue the development process, under our wise leadership. bis central bankers ’ speeches