These factors are creating a divide between a few fast growing large firms and many small ones struggling to keep up, which is preventing our economies from taking full advantage from technological progress. These are critical issues, whose relevance can hardly be overstated.
Today I will: - First discuss the European wide macroeconomic stabilisation policies that were deployed in response to the pandemic; - Second, I will turn to common financial stability concerns; - Third, I will briefly consider the departure of our nearest neighbour from the EU; and, - Finally I will conclude with some thoughts on how we can be influential in Europe, from the Central Bank’s perspective.