It provides us with the necessary foundation and scale to bolster our resilience to this fragmentation and our influence on international developments. I will start by discussing the link between globalisation and the EU’s economic model. I will then turn to economic fragmentation and the changing nature of globalisation, emphasising the implications for the economy and monetary policy in Europe.
Basel II, for example, was not fully implemented either in the US or in the European Union. And other member states of the Committee weren’t fully compliant either. We shouldn’t repeat these mistakes. Implementing only what suits you – implementation à la carte, if you like – goes against the very idea of having a common regulatory standard.