Monetary policy has played a vital role in bolstering euro area resilience to the large shocks that have occurred over the past decade. Indeed, it is the only expansionary macroeconomic policy in support of the resilient recovery now underway in the euro area.
Europe also needs strong players in financial markets, not in the sense of national champions, but in the sense of genuine European financial actors. 11  Building a Capital Markets Union – Eurosystem contribution to the European Commission’s Green Paper.