This would rebalance the economy without hurting the competitiveness and the exports of German companies. As I said, German competitiveness benefits the euro area as a whole and it would be foolish to try to curb it. To sum up, achieving lasting economic stability must involve finding a new balance of discipline and flexibility in our economies.
This would go a long way towards securing a strong EMU based on price stability – and to do so without exceeding the democratic mandate given by the citizens of Europe. Conclusion Let me conclude. 4  BIS central bankers’ speeches  Our common future cannot be found in the past. The world has changed too much in recent decades to go back.