In my remarks tonight, I will tell you why I believe that Europe’s raison d’être remains strong and could be made stronger. As a European central banker, I will focus on the economic dimension. I will only touch on the political dimension insofar as it influences economic outcomes5.
The fourth is the ‘interpretation effect’, where media tries to interpret the stand taken by policy makers or markets or corporates. The interpretation effect may be positive or negative depending on professional skills as well as commitment to objectives. Responsibility and accountability would be key to ensure positive effect through this channel.