and fair for everybody. in the economic arena, we need some coordination of crisis exit strategies and, in parallel, support for the most vulnerable countries. here, international institutions have a crucial role to play, in coordination with regional institutions and mechanisms. the aim is not only to entrench the global economic recovery. we must also combat the backsliding in inequality and poverty as a result of the pandemic, and jointly address the common structural challenges arising, for example, from digitalisation and the fight against climate change. and, more generally, as former ecb president and now italian prime minister – mario draghi – put it : “ one of the main reasons why multilateral institutions exist is to create regulatory convergence, and therefore to increase trust between countries ”. 2 a role for multilateral institutions that goes way beyond their pure economic mandate. as such, the global recovery will be based on trust and solidarity between nations. is such cooperation possible? europe is a case in point. let´s take again the example of vaccines. when the prospect of a common vaccination pool and 2 / 4 bis central bankers'speeches the purchase of vaccines on an uncoordinated basis was aired, european institutions took the decision to cooperate. that has allowed vaccines to be provided at the same time for countries with very different production or vaccine - purchase capabilities. it is an example of cooperation worth exporting to global vaccination programmes. another example is the case of the policies needed to tackle climate change. the european union has pioneered a system of cross - country carbon emission rights. this mechanism, according to recent studies, has led to a reduction of more than 10 % in the emissions of regulated companies. 3this coordinated effort has seen the eu commit to a binding target of a net domestic reduction of at least 55 % in greenhouse gas emissions by 2030 compared to 1990. it far exceeds the commitment to cut emissions by at least 40 % under the paris agreement. again let us view the european union as a laboratory for what the multilateral effort can – ideally – achieve. european economic institutions : unfinished work however, in order for europe to play this role properly, europe should deepen its own integration project. only by addressing the remaining challenges of our political and economic integration process, we – european – can aim to contribute decisively to global objectives. let me end these remarks by underlying some of these remaining challenges on the economic front. the monetary union is one of the milestones of the

pablo hernandez de cos : the value of the european project in today ’ s global landscape speech by mr pablo hernandez de cos, governor of the bank of spain and chair of the basel committee on banking supervision, at the graduation ceremony, barcelona graduate school of economics, 9 july 2021. * * * dear all, i am sitting today in front of a young and multicultural audience, coming from all over the world. all studying in europe. as such, i want to devote my remarks on this graduation ceremony of the barcelona graduate school of economics to talk about how the european project fits into today ’ s global landscape. the european union is one of the most ambitious and successful economic and social integration projects in history. the best illustration of this success and ambition being the fact that european citizens are able to express themselves, without losing their identities, under the common values of the treaty : human dignity, freedom, democracy, equality, the rule of law and respect for human rights. young people, in particular, are among the more confident groups in the positive effect of the european union. according to the eurobarometer, young people perceive the euro as something good for their country. in fact, the figure is 15 percentage points higher for the young than for the rest of the population. the same is true for the perception of the euro as something good for the union as a whole. and young people ’ s greater trust in the eu is a consistent feature across countries. indeed, young people were the first to regain their confidence in the european union after the global financial crisis. more recently, their greater trust in the eu can be tracked to their attitudes towards globalisation. recent research shows europeans are more positive about the union if they grew up when their country was already a member and, in particular, if their feelings towards immigration and globalisation were also positive. in a globalised and polarised world, the european model embodies a certain vision of the future of relations between nations. it is one based on strong and supportive institutions that protect citizens ’ economic and social well - being. crucially, the european project was forged around its members ’ consensus and a tradition of understanding ; a cooperative vision that transcends the continent ’ s frontiers and fosters a multilateral approach to global challenges. this multilateral approach is now more important than ever since most of the structural challenges facing our economies are global and, therefore, require a global response. and europeans can and should play a key role in promoting