that the ecb will assume. in this regard, the ecb has agreed to an inter - institutional agreement with the european parliament that foresees extensive information and reporting. ensuring a high degree of democratic accountability is also key for european political institutions. this is particularly important given the increase during the crisis of the degree of european intrusion into national economic and fiscal policies, which have re - distributional consequences. for instance, concerns have been voiced that european support to countries under stress, and the conditions on which it is granted, are decided only by the eurogroup, i. e. by governments of euro area countries, themselves subject to parliamentary controls of very different kinds. stronger involvement by the european parliament could be a way to alleviate such concerns. it would be similarly important for european issues to feature more prominently in national parliamentary affairs and in national conversations so that citizens can allow their voices to be heard. but above all, only in a truly european public space can common solutions emerge. we can witness today a renationalisation of european politics, including when it bis central bankers ’ speeches comes to protest against european policies. 18 this renationalisation carries with it the seeds of an erosion of our common values. conclusion in 1935, the german philosopher edmund husserl warned us that “ europe ’ s greatest danger is weariness ”. 19 history has proved him right already and risks proving him right once again. to counteract that danger, we should continuously reaffirm our commitment to improving institutions and policies in europe, in line with our common values. thank you for your attention. see a. vasconcelos, « portugal : o destino da europa? », publico, 18 november 2013. lecture delivered by edmund husserl in vienna on 10 may 1935. bis central bankers ’ speeches

average almost exactly 2 % per year in the euro area. by comparison, inflation from 1961 to 1991 ( when the convergence criteria for participation in economic and monetary union were decided ) averaged over 10 % in portugal, greece and spain, but also 6. 6 % in france and 3. 4 % in germany. 6 the euro reduces transaction costs for producers, their employees and end clients. it facilitates price comparisons and bank transfers, while eliminating currency risks in intra - euro area trade and investment. note that close to 50 % of france ’ s exports go to other members of the euro area. finally, and above all, the interdependence and shared responsibility implied by the euro create a european solidarity imperative in the face of the crisis. this “ de facto solidarity ” is the greatest challenge that the european union faces today, against the background of a greater disparity across countries. if i may turn schuman ’ s formula on its head, it now calls for “ concrete achievements ”. the temptation to go it alone in economic affairs, so evident in the past ( remember the competitive devaluations of the 1980s and 90s ) is no longer this logic also underpins the gradual integration of countries that emerged from the yugoslav wars. in particular, the so - called “ copenhagen criteria ” notably require that national institutions guarantee “ democracy, the rule of law, human rights and respect for and protection of minorities ”. it also makes membership conditional on “ adherence to the aims of political, economic and monetary union ”. presidency conclusions, copenhagen european council, 21 – 22 june 1993. “ europe will not be made all at once, or according to a single plan. it will be built through concrete achievements which first create a de facto solidarity ”, robert schuman ’ s declaration, 9 may 1950. standard eurobarometer 77, european citizenship, spring 2012. source : ameco database ( european commission ). bis central bankers ’ speeches appropriate. this does not preclude countries from having different views or different interests, but it creates a duty to overcome these differences and act together. 2. reducing unemployment the current crisis, with its associated fall in incomes and rise in unemployment, has however bred misunderstanding and sometimes anger in many parts of europe. unemployment in the euro area stood at 12. 2 % in september 2013, compared with 7. 6 % at the beginning of the financial crisis in the second quarter of 2007. young people have been hit especially hard : more than 3