How can we take the people along? My main message today is that we need to go back to first principles. We know what has worked in the euro area – namely, an allocation of tasks based on the primacy of price stability. And we know what has not worked – namely, a lack of stability orientation in other policy areas.
Our task today is therefore to build on our strengths, to take what has worked and to reinforce it. This does not require that we map out an entirely new vision for Europe. It requires that we complete our original vision – to fulfil the economic and monetary union (EMU) based on price stability that we set in motion in 1999.