In my speech today, I will address the future of EMU ‒ the economic and monetary union in Europe. I will focus on the issue of making the euro area more prosperous and making the common currency more stable. The euro has always been a political project with the aim of establishing ever closer ties between the nations of Europe.
But, of course, it is more than just a political project – it also holds out the promise of prosperity. In recent years, this promise has lost credibility for many in the euro area, prompting some to regard the requirements of our common currency not as an anchor of stability, but as a source of instability.